Consortium of lenders of Jaiprakash Associates transfers debt to NARCL

Jaiprakash Associates Ltd's consortium of lenders has transferred their outstanding debt to National Asset Reconstruction Company Ltd (NARCL), as the firm undergoes insolvency. JAL, with total loans of Rs 55,493.43 crore, is now under a corporate insolvency resolution process. NARCL's incorporation and registration are under the Companies Act, 2013, with RBI as the asset reconstruction authority.