Jaiprakash Associates : Defaults on Payment of Interest/Principal

Ref: JAL:SEC:2O22

30tr' March,2.,2

BSE Limited

25tll' Floor, New Trading Ring,

Rotunda Building,

P J Towers, Dalal Street, Fort, MUMBAI 4OO OO1

The Manager Listing Department

National Stock Exchange of India Ltd

"Exchange Plaza" , C- L, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

SCRIP CODE: 532532

NAME OF SCRIP; .IPáSSOCIAî

Sub: Disclosure of defaults on payment of interest/repayment of principal amount on loans from banks/financial institutions

Ref: SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/PI2OL9I L4O dated

21st November, 2Ot9

Dear Sirs,

In terms of the captioned SEBI circular, we enclose herewith the relevant disclosure of defaults on payment of interestf rcpayment of principal amount on loans from banks/financial institutions in specified format.

We would appreciate if you could take the same on records.

Thanking you,

Yours faithfully,

FoT JAIPRAKASH ASSOCIATES LIMITED

(SANDEEP SABHARV/AL)

Vice President & Company Secretary ACS-8370

Encl: As above

Registered Ofrice': Sætor-128, Noida - 201 3M, Uttar pnadesh (India)

Phone: [phone] corporate office : JA House, 63, Basant Lok, Vasant Vihaç New Delhi-110057 (lndia)

Phone : [phone] Fax : [phone]

CIN : 114106UP1995P1C019017 Websfte : wwwjalindia,com E-mail :[e-mail]

JAIPRAKASH

ASSOCIATES LIMITED

Disclosure of defaults on payment of interest/repayment of principal amount on loans from banks/financial institution and unlisted debt securities

(For the month ended February, 2022)

l. Format Cl disclosure for default in loans as specified in para 3(B):

a. For loans including revolving facilities like cash credit from banks/financial institution

S.No.

Type of Disclosure

• T Name of Listed entity

• 2 Date of making the disclosure

• 3 Nature of obligation

• 4. Name of Lender(s)

• 5 Date of default

• 6 Current default amount (break-up of principal and interest in INR crore) as per MRA executed on 31.t0.2017

Jaiprakash Associates Limited (JAL) 30th March, 2022

Details

Fund based working capital, Non Fund based working capital,

Term Loans and FCCB

Axis Bank Limited , Bank of Maharashtra, Bank of lndia, Canara Bank , Bank of Baroda, Union Bank of lndia, Central Bank of lndia, lClCl Bank Limited, Export-lmport Bank of lndia, lndian Overseas Bank, lDBl Bank Limited, lFCl Limited, The Jammu and Kashmir Bank Límited, The Karur Vysya Bank Limited, DBS Bank tndía Limited, Life lnsurance Corporation of lndia, The South lndian Bank Limited, Punjab National Bank, Punjab and Sind Bank, State Bank of lndia, Standard Chartered Bank, SlDBl, lndusind Bank Limited, HDFC Ltd. , UCO Bank, lndian Bank, Yes Bank Limited, ACRE Limited, ARCIL, Canara Bank (e-Syndicate Bank), lndian Bank

(e-Allahabad Bank), Punjab National Bank (e-Oriental Bank of Commerce), Punjab National Bank (e-United Bank of lndia), Union Bank of lndia (e-Andhra Bank), Union Bank of tndia (e-Corporation Bank)

28th February,2022

Particulars RTL (lncluding FITL)

FCCB

Total Over dues

Rs. in Crores)

lnterest

L,384 160 1,544

Principal	Total
789	2,!73
564	724
1,353	2,897

7

Details of obligation (total principal amount in INR crore, tenure, interest rate, secured/unsecu red etc) on Provisional basis

(Rs. in Crores

Particulars (Type of loan faci

Sustai na ble

Debt

Other Debt (to be transferred to SPV&

Potential Debt Assets Swâ Fund based working capitalPrincipal Amount

NR

Tenure

4,490 12,268

Up to 2037 Up to 2037

• 314 Annual

lnterest

Rate % Pa

9.50% 9.50%

9.50%Secured/ Unsecured

Secu redSecu redSecu red

Regd.office : sector-128, Noida 201304 Uttar Pradesh (lndia)

Ph. : [phone]i00 Fax : [phone]

Corporate Office: 'JA House', 63, Basant Lok, Vasant Vihar, New Delhi - 110 057 (lndia)

Ph.: [phone] Fax: [phone]

CIN : 114106UP1995P1C0i9017 Website :www.jalindia.com

8

Total amount of outstand ing borrowings from

Banks/fina ncial institution (in INR crore) on Provisional basis

9. Totalfinancial indebtedness of listed entity including short-term and long-term debt (in INR crore) on Provisional basis

Sustainable Debt

Particulars

Other Debt (to be transferred to SPV&Potential Debt Assets Swap)

Amount

(Rs. in Crores)Fund based Working Capital (Secured) 423

Non Fund based Working Capital 2,156

Total Outstanding Debt* 26,837 * lnclusive of interest

*lnclusive of interestNote to above: lt is requested that the above to be read in conjunction with the below

6,l-56 L8,L02

1, [a] The Comprehensive Re-organization and Restructuring Plan (CRRP) for the Company and

Jaypee Cement Corporation Limited was duly approved by the Joint Lenders' Forum on 22nd June,2017, based on the recommendations of the lndependent Evaluation Committee (lEC) appointed by the Reserve Bank of lndia envisaging bifurcation of the entire debt of the Company into two parts - 'Sustainable Debt' and 'Other Debt'. The entire outstanding debt has been put in three buckets making provisions for settlement/continuation of each category of debt as under :

• (i) Bucket 1 Debt of Rs.11,689 Crores which is part of the 'other debt'was to be discharged against the sale of identified Cement Plants of the Company and its Wholly owned Subsidiary to UltraTech Cement Limited. The transaction of the said sale stands consummated and Bucket L Debt stands settled in July,2OI7.

• (ii) Bucket 2a Debt of Rs.6,367 Crores, being 'sustainable debt' will continue as debt of the Company for which Master Restructuring Agreement (MRA) dated 3l-st October, 2OI7 has been executed by the concerned 32 Lenders. The terms of the MRA are being complied including creation of security in favour of Lenders.

(iii) Bucket 2b Debt of Rs.11,833.55 Crores (Rs.13,590 Crores original amount as reduced by

a,//,

Rs.2543.55 Crores settled through direct Debt Assets Swap), which is part of 'Other Debt' is to be transferred to a Special Purpose Vehicle (SPV) namely Jaypee lnfrastructure Development Limited (wholly owned subsidiary of the company) alongwith identified land of the Company. The Scheme of Arrangement (Scheme) for the said hive off duly approved by the Stock Exchanges, Shareholders, Creditors, other Regulators is pending sanction by

lux-vffPi EE

National company Law Tribunal (NCLT), which scheme, on sanction, shall be effective from Lst July, 201-7, being the Appointed Date'

Thus, the CRRP has not only been duly finalized and agreed upon with the Lenders but also implemented, as aforesaid, wellwithin the time recommended by the lndependent Advisory Committee as per Press Release dated l'3th June, 201"7' ln terms of the duly approved GRRP, as aforesaid, the company has provided interest expenses on debt portion that will remain with it. lnterest on debt portion which will be transferred to Real Estate SPV on sanction of the Scheme of Arrangement by NCLT with Appointed Date of 1't July, 2017, has been added to the carrying cost of the lnventory / projects under development in respect of SDZ Real Estate Undertaking (SDZ-RE), since the same has to be serviced from the assets / development of Assets of SDZ-RE'

tb1

Pending sanction of the aforesaid scheme by NCLT, lclcl Bank Limited on the directions of the RBI has filed an application with Hon'ble NCLT, Allahabad Bench Uls 7 of lnsolvency & Bankruptcy Code, 2016 against the Company which is pending'

As per the directions of NCLT both the cases at [a] and [b] above are being heard simultaneouslY.

2

Further, the Company under the direction of the Hon'ble Supreme Court had deposited a sum of Rs.750 crore in the matter relating to a litigation of home-buyers with Jaypee lnfratech Limited (JlL), banks of JAL *"r. .ont.,ting that the amount so deposited by JAL of Rs.750 crore and interest accrued thereon was requested to be refunded to JAL to enable JAL to meet its obligations with its lenders. Supreme Court of lndia vide its Order dated 24th March, 2021 has finally decided the issue relating to Rs'750 crore(with accrued interest) deposited by Jaiprakash Associates Limited (JALXthe Company) in favour of the Company'

3.

The company having executed Master Restructuring Agreement (MRA) on 3Lst october' 20L7 with 32 lenders, the company took due steps so far as MRA was concerned but the banks did not give due effect to the debt position in their respective books of accounts thereby causing non-reconciliation of debt/default position between the company and Banks' books. The amounts as mentioned are Company's provisional numbers which are subject to confirmation from Lenders'

4

Apropos to the MRA signed on 31't October,20l'7 with Lenders, the Company from its operat¡ons had serviced áebt till November, 2018 and partly for December, 2018 '

5

As already discussed lClCl Bank Ltd. had approached NCLT, Allahabad on the direction of RBI under section 7 of lnsolvency & Bankruptcy code 201"6 against the company'

Matter has come up alongwith related matters pertaining to partially completing the 1't motion petition on2O.LI.2O.17 by NCLT, Allahabad of debt 2b on secured debt' second motion petition for formal sanction of the scheme was filed on 23'0L'2018 which is pending before Hon'ble NCLT'

6.

The company has also been showing lender wise details of overdue interest and overdue principal repayments in its Annual Reports every year, as an Annexure to the lndependent Auditors Report as required by the companies (Auditors Report) order 2016 (the order)'

a,//,

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