NARCL Takes Over Debt of Jaiprakash Associates
Jaiprakash Associates Ltd, amidst an insolvency process, has transferred its outstanding loans to National Asset Reconstruction Company Ltd. A lender consortium assigned their financial assets to NARCL, though the total debt amount remains undisclosed. Bids are being sought to acquire JAL, a significant entity in various industries.
- Country:
- India
In a significant move amid its ongoing insolvency proceedings, Jaiprakash Associates Ltd has seen its outstanding loans transferred to the National Asset Reconstruction Company Ltd by a consortium of lenders.
The consortium, comprising major banks like SBI, ICICI Bank, Bank of Baroda, and more, has assigned their financial assets and securities interests to NARCL.
The specific debt amount transferred remains undisclosed, but JAL's total outstanding loans total Rs 55,493.43 crore. Bhuvan Madan is overseeing the resolution process, while bids are being invited for JAL, notable for its diverse business ventures.
(With inputs from agencies.)
ALSO READ
Japan's Fiscal Future: Balancing Growth and Debt Under Takaichi
Ukraine Successfully Restructures $2.6 Billion Growth-Linked Debt
BP's Bold Move: Selling Stake in Castrol to Cut Debt
IFC partners with BRED Banks to expand SME and commercial financing in Pacific
Credit Card Slowdown Sees Private Banks Tighten Grip Amid Declining Issuance
Google News