The bankers invoking the SDR ( Strategic debt restructuring) option against full department of Jaypee Group, its main firm Jaiprakash Associates on Saturday said it has assembled a meeting of board of directors to discuss development progress of other issues and destitution plans on Monday.
Earlier this week the development comes against the downfall in the sale of the group in business cement to Ultratech for Rs 15,000 crore darkness after bankers invoked SDR.
Jaiprakash Associates said in a filing to the Bombay Stock Exchange ” A meeting of the Board of Directors of the company is organised in a very short time period on 4 July 2016, inter alia, to analysis the progress of destitution plans and related issues.”
According to company the Joint bankers Forum meeting held to analyze the progress made so far on the Corrective Action Plan, approved in January 2015 by the bankers has agrees for invocation of SDR taking 28 June 2016 as reference date, subject to approval of bankers.
Jaiprakash Associates incur over Rs 30,000 crore to a corporation of bankers led by ICICI Bank and the sale of cement 21.2 million tonne is very difficult for the promoters to keep continuity in business.
As of March 2016 The Jaypee Group had a consolidated department of Rs 58,250 crore .