Jaiprakash associates Limited has filed its mandatory monthly disclosure regarding defaults on loan payments, revealing total outstanding borrowings of ₹55,357.39 crores as on February 28, 2026. The disclosure was submitted to stock exchanges on March 5, 2026, in compliance with SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019.

Corporate Insolvency Resolution Process Status

The company has been operating under the Corporate Insolvency Resolution Process since June 3, 2024, following an order passed by the Hon'ble National Company Law Tribunal, Allahabad Bench. Mr. Bhuvan Madan was initially appointed as the interim resolution professional and was subsequently confirmed as the Resolution Professional by the Committee of Creditors.

Financial Indebtedness Details

The company's disclosure reveals significant financial obligations across multiple lending institutions. The total financial indebtedness, including both short-term and long-term debt, stands at ₹55,357.39 crores as on February 28, 2026.

Lender Portfolio

The company has obligations to a diverse group of financial institutions, including:

• Public Sector Banks: State Bank of India, Punjab National Bank, Bank of Maharashtra, Canara Bank, Bank of Baroda, Indian Overseas Bank, IDBI Bank Limited, Punjab & Sind Bank, Union Bank of India
• Private Sector Banks: ICICI Bank Limited, Axis Bank Limited, Yes Bank Limited, DBS Bank India Limited, The Jammu & Kashmir Bank Limited
• Asset Reconstruction Companies: National Asset Reconstruction Company Limited (NARCL), Asset Care & Reconstruction Enterprise (ACRE) Limited, Asset Reconstruction Co India Ltd (ARCIL)
• International Lenders: The Bank of New York Mellon

Regulatory Compliance

The disclosure was filed in the specified Format C1 for default in loans, as required under SEBI regulations. The company noted that all lenders are in the process of filing their claims under the Insolvency and Bankruptcy Code 2016, and these claims are currently under verification. The nature of obligations includes various types of facilities such as Term Loans, Working Capital Term Loans (WCTL), and Fund-based and Non-fund based Intermediate Term Loans (FITL).

The disclosure was signed by Som Nath Grover, Vice President & Company Secretary, on behalf of the company, and countersigned by Resolution Professional Bhuvan Madan, whose AFA authorization is valid till December 31, 2026.

Jaiprakash Associates Limited's Committee of Creditors (CoC) has demonstrated strong support for the company's operational continuity by approving three critical resolutions with an overwhelming 89.15% voting percentage during its 26th meeting held on February 12, 2026.

CoC Meeting Outcomes and Voting Results

The e-voting process for the 26th CoC meeting commenced at 9.00 P.M. on February 20, 2026, and concluded at 4.00 P.M. on February 25, 2026, in accordance with Regulation 26 of the CIRP Regulations. All three resolutions presented to the creditors received approval with the same voting percentage of 89.15%.

Operational Budget Approval

The CoC approved the budgeted cash outflows for the period from January 01, 2026, to March 31, 2026, ensuring business continuity as a going concern. This approval allows the company to maintain operations during the insolvency resolution process, with these expenditures forming part of the 'insolvency resolution process costs' under the Insolvency and Bankruptcy Code, 2016.

Bhutan Project Bank Guarantee

Creditors ratified the availing of a bank guarantee issued by Bhutan National Bank Ltd for bid security related to HM & EM Packages of Khorlochhu HEP (600 MW) project in Bhutan. The guarantee is structured as a lien over cash maintained in the company's bank account with Bhutan National Bank Ltd. This arrangement qualifies as 'interim finance' under Section 28(1)(a) and Section 28(1)(b) of the Insolvency and Bankruptcy Code, 2016, with associated costs approved as insolvency resolution process costs.

Regulatory Compliance

The CoC also ratified the extension of the interval beyond 30 days between the 25th CoC meeting held on December 12, 2025, and the current 26th meeting held on February 12, 2026. This extension complies with the Proviso to Regulation 18(1) of the CIRP Regulations, ensuring proper governance during the insolvency resolution process.

Corporate Insolvency Resolution Process Status

Jaiprakash Associates Limited continues to operate under the Corporate Insolvency Resolution Process (CIRP), with Bhuvan Madan serving as the Resolution Professional. The company maintains its registered office in Sector-128, Noida, Uttar Pradesh, and operates additional offices in Delhi and Ghaziabad. The strong creditor support demonstrated through the 89.15% voting percentage across all resolutions indicates confidence in the company's restructuring efforts and operational plans.