Latest News | Jaiprakash Associates' Lenders Approve Rs 936 Cr Cash Outflow in June Quarter

New Delhi, May 25 (PTI) Lenders of Jaiprakash Associates have approved budgeted cash outflow of Rs 936.27 crore for the current quarter to ensure that the company remains as a going concern.

Jaiprakash Associates, which is facing insolvency proceedings, also informed that the Enforcement Directorate initiated searches on May 23 and the company is cooperating with the agency.

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According to a regulatory filing on Saturday, Jaiprakash Associates informed that a Committee of Creditors (COC) has approved "the budgeted cash outflows of the Corporate Debtor for the period from April 01, 2025, to June 30, 2025, of up to INR 936.27 crores".

This includes regular operational expenses of Rs 856.73 crores plus one-time expenses of Rs 79.54 crores.

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The cash outflow is to "ensure that the business continues as a going concern, which would form part of 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code, 2016", the company said.

In a separate filing, Jaiprakash Associates informed that the "Enforcement Directorate (ED) has initiated searches at the offices of the company on 23rd May, 2025."

The company continues to operate in normal course of business, it added.

"... the Company and its officials are fully co-operating with the authorities and also providing all the relevant information to the authorities sought for during the search process," Jaiprakash Associates said.

The company will keep the Stock Exchanges informed of any impact on its operations or any further developments, the filing said.

Jaiprakash Associates, a flagship firm of crisis-hit Jaypee Group, is into cement, construction, power, real estate and hospitality businesses among others.

Jaypee Group firm Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)