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Jaiprakash Associates defaults on ₹4,616 crore loan amid restructuring efforts

Jaiprakash Associates Ltd (JAL), the parent company of Jaypee Group, has disclosed that it failed to meet loan repayment obligations amounting to ₹4,616 crore on April 30. This includes a principal amount of ₹1,751 crore and interest payments of ₹2,865 crore. JAL is restructuring its financial commitments, with plans to transfer ₹18,955 crore to a Special Purpose Vehicle (SPV). However, the company is also facing legal challenges from ICICI Bank and the State Bank of India, who have initiated insolvency proceedings against JAL. JAL is presently contesting these actions.

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