NEW DELHI (INDIA): The cash-strapped infrastructure firm Jaiprakash Associates has failed to pay interest on non- convertible debentures even after more than three months of the due date.
“… the interest instalment in respect of 12.4 per cent non-convertible debentures… remains unpaid for more than three months as on May 4, 2017,” the company said in a BSE filing.
The Jaypee group has been selling off its assets to lighten its debt load. Last year, it announced sale of its cement plants with a total capacity of 21.1 million tonnes per annum (mtpa) at an enterprise value of Rs 16,189 crore to the Aditya Birla Group firm UltraTech Cement.
Jaiprakash Associates had said it had got the approval of the National Company Law Tribunal (NCLT) for the transfer.
The deal will help the Jaypee Group firm to cut down debt, which runs into thousands of crores of rupees.
Source: Press Trust of India