Pursuant to the Company's request for refinancing of the existing outstanding principal Rupee Term Loan (RTL) of the Company aggregating to ' 6550 Crores under RBI circular dated 15.12.2014 on “Flexible Structuring of Existing Long Term Project Loans to Infrastructure and Core Industries” & additional RTL of ' 1680 Crores ( ' 1080 Crores under RTL-A for payment to pressing creditors and ' 600 Crores under RTL-B for long term working capital), all the lenders except LIC of India, sanctioned the refinanced facility of ' 6550 crore.

The refinanced RTL of ' 6550 Crores ( '1950 under Tranche-I & ' 4600 Crores under Tranche-II) & additional RTL of ' 1610 Crores '1080 Crores under RTL-A (disbursed '1080 Crore) for payment to pressing creditors and ' 530 Crores (disbursed ' 495 crore) under RTL-B for long term working capital) from IDBI Bank led consortium banks is secured by way of first charge ranking pari-passu on (i) mortgage of about 41 KM land of Yamuna Expressway, (ii) mortgage on part of Land in Jaganpur, Mirzapur, Agra & Tappal having a valuation cover of 1.5 times for Tranche-I RTL ( '1950 Crores) & RTL-A ( '1080 Crores) & RTL-B ( ' 600 Crores) and valuation of 2 times for Tranche-II RTL ( ' 4600 Crores), (iii) Hypothecation of all the movables of the company, company's book debts and receivables, (iv)Assignment of all the rights, title, interest, benefit from claim and demand in the Concession Agreement,(v) Debt Service Reserve Account (DSRA) for an amount equal to 1.5 times of the principal & interest amount due for ensuing quarter to the Rupee Term Lenders,(vi) pledge of 51% shares of the fully paid up equity shares of the Company and (vii) personal guarantee of Shri Manoj Gaur.

') The Term Loan from SREI Equipment Finance Limited mentioned at (ii) above is secured by way of mortgage of 40.79 Acres of Land for Development at Tappal having carrying value of ' 2815.33 lakhs.

The period of continuing default as on 31.03.2021 in repayment of loans to banks/financial institutions/NBFC amounting to ' 21,19,25.26 lakhs stated under ‘Term Loan /NCDs from Banks / Financial Institutions' under ‘Current Maturities of Long-term Debts' in Note no. 21 ranges from 90 days to 2029 days. The period of continuing default as on 31.03.2021 in payment of interest to banks/financial institutions amounting to ' 760482.00 lakhs included under ‘Interest Accrued and due on borrowings' in Note no. 21 ranges from 1293 day to 1948 days as per the original agreement, however, payment of said dues was subject to outcome of CIRP

“ Prinoii'^al anrl <"\i itctonrlinn ln oroo Ýfrr'-im lonriorc area oi iK f\ of\rrfirrria i/-\n

Corporate Insolvency Resolution Process (CIRP)

a. Pursuant to the directive of Reserve Bank of India (RBI) dated 15th June, 2017 IDBI Bank Limited, the lead lender for consortium of lenders filed an application under section -7 of the Insolvency and Bankruptcy Code, 2016 read with Rule - 4 of the Insolvency and Bankruptcy Code, 2016 (IBC) at Hon'ble National Company Law Tribunal (NCLT) at Allahabad to initiate Insolvency Resolution Process at the Company.

The Company, has been undergoing Corporate Insolvency Resolution Process (“CIRP”) since 09.08.2017 in terms of the provisions of the Insolvency & Bankruptcy Code, 2016 (“IBC”) vide order dated 09.08.2017 and 14.08.2018 passed by the Hon'ble National Company Law Tribunal (“NCLT”) Allahabad read with order dated 09.08.2018 passed by the Hon'ble Supreme Court of India in Writ Petition (Civil) No. 744/2017 and order dated 06.11.2019 passed by the Hon'ble Supreme Court of India in the matter of Jaiprakash Associates Ltd. &Anr. Vs. IDBI Bank Ltd. &Anr. (Civil Appeal bearing Diary No 27229 of 2019 and Civil Appeal No 6486 of 2019).

In terms of Hon'ble Supreme Court order dated 06.11.2019, the Committee of Creditor (“CoC”) approved the Resolution Plan ofNBCC India Limited (“NBCC”) on 16.12.2019. The approved resolution plan was filed with Adjudicating Authority for its approval. The Hon'ble NCLT, Principal Bench (Delhi) vide its order dated 03.03.2020 approved the Resolution Plan of NBCC with certain modifications.

The Successful Resolution Applicant (NBCC) preferred to file an appeal before the Hon'ble National Company Law Appellate Tribunal (“NCLAT”) against the Hon'ble NCLT order dated 03.03.2020 against certain modifications made to its Resolution Plan.

Hon'ble NCLAT vide its order dated 22 April 2020 states that, till further orders, the approved ‘Resolution Plan' may be implemented subject to outcome of this Appeal. The Interim Resolution Professional may constitute ‘Interim Monitoring Committee' comprising of the ‘Successful Resolution Applicant', i.e. the Appellant and the three major Institutional Financial Creditors, who are Members of the ‘Committee of Creditors'.

Meanwhile, The Hon'ble Supreme Court in the Civil Appeal Diary No(s). 14741/2020 between Jaypee Kensington Boulevard Apartments Welfare Association &Ors. Vs NBCC (India) Ltd &Ors. vide its order dated 06.08.2020 transferred all the pending appeals/cases with NCLAT to itself. In the meantime, Hon'ble Supreme Court directed the IRP to manage the affairs of Jaypee Infratech Limited and there shall be ad-interim stay of the operations of the Hon'ble NCLAT's order dated 22 April 2020.

In the Judgement dated March 24, 2021, Hon'ble Supreme Court has placed order inter-alia as below:

The IRP to complete the CIRP within the extended time of 45 days from the date of this judgment. For this purpose, it will be open to the IRP to invite modified/fresh resolution plans only from Suraksha Realty and NBCC, giving them time to submit the same within 2 weeks from the date of this judgment. It is made clear that the IRP shall not entertain any expression of interest by any other person nor shall be required to issue any new information memorandum.

With regard to the amount of ' 750 crores, which was deposited by Jaiprakash Associates Ltd.(JAL) pursuant to the orders passed by this Court in the case of Chitra Sharma, and accrued interest thereupon, is the property of JAL. However, the said sum of ' 750 crores stood transferred to NCLT.

To reconcile the accounts between JAL and company be taken up under the supervision of NCLT, Delhi.Pursuant to the directions of the Hon'ble Supreme Court, the Hon'ble NCLT, Delhi vide order dated 31.03.2021 appointed Grant Thornton Bharat LLP (GT) as the independent accounting expert for carrying out the reconciliation exercise within 10 days from the date of the order. GT has carried out reconciliation &submitted its report in sealed cover envelope to Hon'ble NCLT, Delhi on 16.06.2021.

Pursuant to the directions of Hon'ble Supreme Court order dated March 24, 2021 passed, the Interim Resolution Professional invited fresh/ modified Resolution Plan from NBCC and Suraksha Realty. Consequently, both applicants have submitted their bids on 07.04.2021. Upon discussion of said resolution plan in CoC from time to time, both applicants have revised their bids.

The CoC sought extension from Hon'ble Supreme Court till 07.07.2021 to complete the CIR process.

Both the applicants have submitted their final resolution plan which are put to vote by the CoC. The last date for completion of CIRP of the company is 07.07.2021 as per the extension sought from Hon'ble Supreme Court.

All assets/liabilities shall be restated consequent upon implementation of Resolution Plan. IRP is currently managing the operations of the company and accordingly, the financial statements have been prepared on going concern basis.

b. The expenses incurred on CIRP(including IMC expenses) during the period 01st April 2020 to 31st March 2021 aggregates to '416.62lakhs (for the year ended 31st March

2020 '1033.41 lakhs).

c. The outstanding overdue fixed deposits as on 31st March

2021 aggregates to '11,316.81 lakhs (as on 31st March 2020 '11,316.81 lakhs). The Fixed Deposit Holders, being the financial creditor under Insolvency & Bankruptcy Code, 2016, the repayment thereof is incumbent upon successful resolution plan of the Company.

d. The terms & conditions for borrowing by the Company from IDBI led consortium did inter alia provide for furnishing of Bank guarantee /letter of Credit in lieu of Debt Service Reserve Account (DSRA) in favour of the Lenders.

In compliance thereto bank guarantee aggregating to '212 Crores were provided by Jaiprakash Associates Limited (JAL) in favour of IDBI Trusteeship Services Limited, trustee for on behalf of the lenders. The said guarantees were subsequently invoked by the IDBI Bank, the lead bank for settling the outstanding over dues interest.

The said sum of '212 Crores was considered as part of ‘Promoter' funds by the lenders while considering a restructuring scheme for the Company's debt under RBI circular No. DBR.BPBC.No.82/ 21.01.132 2015-16 dated February 25, 2016. The said sum was accordingly classified by the Company as “Equity: Other Equity: Promoter's Contribution” in its financial statement as on 31.03.2017. However, in F.Y2017-18, when the lenders decided to move to NCLT for initiating CIRP proceeding and withdrawal of the

restructuring scheme under consideration, the same was classified as other financial liability in the financial statement as on 31.03.2018. This has been consistently followed since then including the current financial statement as on 31.03.2021.

On commencement of CIR process under Insolvency & Bankruptcy Code, 2016 against the Company, Jaiprakash Associates Limited (JAL) filed the claim of '212 Crores on account of aforementioned invocation of Bank Guarantee of Jaiprakash Associates Limited by IDBI Bank. IRP rejected the said claim of ' 212 Crores by JAL as it was considered equity contribution.

e. The Finance Cost inclusive of the Interest on debt for the year ended 31st March 2021 aggregating to ' 204123.59 lakhs (for the year ended 31st March 2020 ' 178523.80 lakhs) (Cumulative ' 620255.76 lakhs as at 31st March 2021), shall be restated on the implementation of approved resolution plan for the Company by the Successful Resolution Applicant.

f. Pursuant to an application filed by Resolution Professional at Hon'ble National Company Law Tribunal (NCLT) Allahabad under section 66,43,45 & 60 (5) (i) read with section 25(2) (i) of IBC 2016 inter alia for release or discharge of security interest created by the Company on the land (referred to in Note 37), the Hon'ble NCLT vide its order dated 16th May 2018 passed the order for release and discharge of security interest created by the Company on 758 acres of land in favour of the Lenders of Jaiprakash Associates Limited (JAL) and has further said that the properties mortgaged shall be deemed to be vested in the Company from the date of order. On an appeal preferred by the lenders of JAL against the said order before Hon'ble NCLAT The Hon'ble NCLAT vide its order dated 1st August, 2019 set aside the impugned order dated 16th May, 2018 passed by Hon'ble NCLT. The Home buyers, IRP and India Infrastructure Finance Company Limited (Lender of the company) challenged the Hon'ble NCLAT order before the Hon'ble Supreme Court of India. The Hon'ble Supreme Court vide its order dated 26.02.2020 reversed and set aside the order dated 01.08.2019 passed by Hon'ble NCLAT. The Company has requested lenders of JAL for release and discharge of security interest on the said land. Further review petition filed by State Bank of India and ors. and Axis Bank Limited and ors. under review petition (Civil) Diary Nos. 13559/2020 and 13684/2020 for review of judgement dated 26 February 2020 passed by the Hon'ble Supreme Court in the subject matter (Civil Appeal Nos. 8512-8527 of 2019 and connected cases) have been dismissed by Hon'ble Supreme Court vide order dated 18 August 2020. The company has filed letters/reminder letters with JAL Lenders for release of mortgage. Standard Chartered Bank has given no objection certificate to release its exclusive mortgage over 25.004 acres of land at Sector 128 Noida and execution of release deed for said mortgage is in process. For remaining mortgage, no objection certificate to release mortgage is not received.

g. The total income from operations is inclusive of revenue from real estate aggregating to ' 3625.75 lakhs for the year ended 31.03.2021. Since January 2020, the delayed rebate is not appropriated/adjusted while raising demands to customers. As a matter of prudence, provision has been made in books of accounts for delayed rebate to customers. The total amount of provision for delayed rebate provided in books of accounts from 01.01.2020 to 31.03.2021 is ' 2973.34 lakhs.

Further, Revenue from real estate development is nett off ' 6979 lakhs Cumulative till 31.03.2021 being delayed rebate already appropriated /adjusted upon issuance of Offer of possession to 2224 numbers of home buyers, pending for execution of sub-lease deed execution as on 31.03.2021.

h. Consequent upon initiation of CIRP at the Company, the IRP appointed CBRE South Asia Private Limited (CBRE) as Project Management Consultant (PMC) on 01.11.2017 to assist the RP / IRP in overseeing the construction activity at site and duly informed to COC. The IRP upon constitution of Interim Monitoring committee, replaces CBRE with Mott MacDonald Pvt. Ltd. as PMC with effect from 18.08.2020. Since then all RA bills for the work done by the principal contractor pursuant to the subsisting work contracts are being verified by them.

RA Bills raised during CIR Period interalia includes RA Bills aggregating to '10009.11 lakhs against which CBRE communicated on 29.07.2020 that the work of '5560.38 lakhs relates to pre CIRP ' 895.96 lakhs has been withhold pending submission of the requisite documents and a sum of ' 3552.76 lakhs was rejected till 31.03.2020.

Pursuant to Hon'ble Supreme Court order dated 24.03.2021 and various clarifications sought by GT team during JAL and the company's reconciliation the IRP requested the CBRE to provide pending certificates / other details for reconciliation purpose.

In response to above, the RA Bills of '10009.11 lakhs was recertified by CBRE as ' 6262.27 lakhs related to pre CIRP ' 811.51 lakhs as withhold pending submission of requisites documents/information, work bills of '677.60 lakhs was rejected and balance amount of ' 2257.73 lakhs is certified as work done by JAL.

Further, RA Bills of JAL amounting to '7432.33 lakhs were submitted to Mott Macdonald Private Limited against which work was certified for ' 5024.16 lakhs only till 31.03.2021.

The sum payable /receivable from JAL is further subject to reconciliation which is under process under the supervision of Hon'ble NCLT, Delhi.

NOTE NO. 32

In view of the severe health hazard associated with COVID-19 pandemic, the Government of India declared a lock down effective from March 25, 2020 which was initially till April 14, 2020, later on extended till 31 May 2020 and then till July 31,2020 with certain relaxations. Further in April 2021 state-wide lock down was imposed which was lasted till 07th June 2021.

Owing to continued lockdown, it is reasonably assumed that appearance of pandemic Covid -19 is dynamic, thereby affecting business operations of the Company.

The operations of the company have been / shall resume in a phased manner in compliance with the directives of both State and Central Governments. There is an uncertainty about the complete lifting of the lockdown and the time required for things to get normal. As per current assessment there is no significant impact on carrying amounts of inventories, trade receivables, investments and other financial assets otherwise than as stated in the financial statements.

The eventual outcome of the impact of the global health pandemic may be different from those estimated as on date of the approval of the financial results.

15 the Hon'ble ITAT has confirmed the decision of CIT(A), Noida which was in Company's favor. However, the Income Tax Department has filed an appeal in the High Court of adjudicature at Allahabad against the said orders.

Besides, there is an outstanding demand of ' 60.31 lakhs per intimation u/s 143(1) of the Income Tax Act, 1961 received by the company for AY 2015-16 towards short credit of TDS by the Income Tax Department for which the company is following up with the Income Tax Department

*Includes demand of '169,541.00 lakhs raised by Yamuna Expressway Industrial Development Authority (YEIDA) towards additional compensation at the rate of 64.7% to farmers, the arbitration award which has subsequently been given in favour of the Company. YEIDA has challenged the said arbitration award in District Court Gautam Budh Nagar and same is pending for adjudication.

The company has deposited till date (under protest) an amount '3,542.25 lakhs as on 31st March, 2021 with Yamuna Expressway Industrial Development Authority (YEIDA).

b) Income Tax matters under appeal: The Company is entitled for tax holiday for 10 years effective F.Y 2008-09 (A.Y 2009-10) u/s 80IA (4)(i) read with Explanation (a) of the Income Tax Act, 1961(the Act). However, the Income Tax Department issued notice (s) u/s 263 of the Income Tax Act for A.Y 2009-10 and 2010-11 which along-with all proceedings related thereto were quashed by the Hon'ble Income Tax Appellate Tribunal (ITAT), Delhi Bench, New Delhi vide its orders dated 13th April 2015 and 20th September 2017 respectively. Hon'ble ITAT has held that the Company is eligible for deduction under said section 80IA(4)(i) read with Explanation(a). However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order. The Hon'ble ITAT vide its order dated 06th September 2016 has also accepted the Company's contention of its claim u/s 80IA(4)(i) read with explanation (a) of the Act for the Assessment Year 2011-12. However, the Income Tax Department has filed an appeal in the High Court of judicature at Allahabad against the said order. For the assessment year 2012-13, the Income Tax Department has not accepted the Company's claim u/s 80IA(4)(i) read with explanation (a) of the Act. Moreover, additions have been made on account of revenue subsidy for the said Assessment Year leading to outstanding demand of '143014.35 lakhs (net)including interest of Rs 4168.45 lakhs. The Company has filed an appeal before Hon'ble ITAT against the said order. The CIT(A), Noida has also levied penalty u/s 271(1) (c) on the additions made by him on account of addition of revenue subsidy. The demand notice u/s 156 of the IT Act, 1961 in respect of penalty levied has not been received so far. The Company has filed an appeal before the ITAT, New Delhi against the said order. The Income Tax Department has also not accepted the Company's claim u/s 80IA(4)(i) read with explanation (a) of the Act for AY 2013-14 & 201415. Though the demand is NIL for both the said assessment years, the company has filed an appeal before CIT(A) against disallowance of deduction u/s 80IA(4)(i) of the Act.

c) The total value of matters under appeals are estimated at '143016.12 lakhs (net), including ' 1.77 lakhs related to TDS demand and the penalty for A.Y2011-12, AY 2012-13, AY 2013-14 and AY 2014-15) In case of TDS matters (interest on EDC) for AY 2011-12, AY 2012-13 , AY 2013-14, & AY 2014-

November 30, 2017 imposed a fine for delay in declaring financial results for the quarter ended 30th September 2017 under Regulation 33 of Listing Regulations. However, the management is taking up the matter with NSE for waiver of the same. Accordingly, an amount of ' 120.07 lakhs has not been recognized as a liability.

As per the terms of the Provisional Allotment letter / Agreement, discount (rebate) to be offered by the company to the home buyers shall be given to the home buyer(s) on issuance of Offer of possession (OOP) / at the time of execution of Indenture of Conveyance.

Accordingly, the Company is accounting for said discount (rebate) on the basis of actuals as provided to the home buyers and the same has been netted off from the revenue as recognized in the Statement of Profit and Loss account. Outstanding amount of bank guarantee as on 31.03.2021 is '30lakhs (as on 31.03.2020 '40 lakhs).

The Company has provided the following as security/ undertaking/guarantee for the financial assistance availed by Jaypee Healthcare Limited (JHCL, the Subsidiary Company):

a) A shortfall undertaking to the consortium lenders led by Yes Bank Limited in respect of financial assistance aggregating to ' 32,500.00 lakhs.

b) Letter (s) of continuing guarantee to Yes Bank Limited in respect of financial assistance of '12,500.00 lakhs.

Yes Bank Ltd had served a Notice for invocation the said letter (s) of continuing guarantee dated 18th February 2016 and 29th February 2016 on dated 22th August 2017 to the Company which has not been admitted by the Resolution Professional/ Interim Resolution Professional since invocation was initiated after commencement of CIR Process.

c) Pledge of 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposal-undertaking) of JHCL with IL&FS Trust Company Limited (Trustee) as collateral security for financial assistance of ' 32,500.00 lakhs.

d) Extension of Pledge on 51% of paid up equity share capital (including 21% of Paid-up Capital under non-disposalundertaking) of JHCL with IL&FS Trust Company Limited (Trustee) as collateral security for financial assistance of ' 2,500.00 lakhs.

e) Pledge of 30% of paid up equity share capital of JHCL held by the company such that Yes Bank Ltd. has 30% shares pledged exclusively in its favour (including the shares pledged under ' 32,500.00 lakhs facility)for a financial assistance of ' 10,000.00 lakhs.

- Yes Bank Limited had issued a Recall Notice on 08th November 2019 to JHCL and has subsequently filed an application under section 7 of IBC at NCLT, Allahabad which is yet to be admitted. Further, Yes Bank Ltd filed an application with Hon'ble Supreme Court, New Delhi which is merged with the ongoing case in respect of the company. Hon'ble Supreme Court, vide its Order dated 24.03.21 stipulates resolution of this issue by the parties concerned, who will work out a viable solution as per relevant paras of the Order.

* The Company has entered in to an ‘Agreement to Sell' dated 15th December, 2009 for said land with JAL and has received the entire sale consideration.

$ Out of the said Land, the Company has entered in to an ‘Agreement to Sell' dated 15th December, 2009 for 2.56 acres of land with JAL and has received the entire sale consideration.

# The Company has entered in to an ‘Agreement to Sell' for the said 38.20 acres of land with Jaypee Hotels Limited (Since merged with JAL) and has received the entire sale consideration.

ii. The Company has provided the following security for the financial assistance availed by Jaiprakash Associates Limited (JAL), the holding company. As per section 43 of the IBC, 2016, relevant period for the impugned transaction is starting from 10th August 2015 to 09th August 2017 (date of starting of CIRP). So Mortgage Deed dated 12.05.2014 for 100 acres of land situated at village Tappal, Tehsil Khair, District Aligarh, Uttar Pradesh, executed by the companyin favour of ICICI Bank limited against the facility agreement dated 12.12.2013 granting rupee Term Loan of ' 1500 crore and overdraft for an amount of ' 175 Crores to JAL, will not come under the relevant time as provided under section 43 of the IBC code:

iii. The Company had provided the following as security for the financial assistance availed by Jaiprakash Associates Limited (JAL), the holding company.The Hon'ble Supreme Court order vide its order dt. 26.02.2020 has directed for release and discharge of security interest created by the Company on 758.3747 acres of land in favour of the Lenders of Jaiprakash Associates Limited (JAL) and has further said that the properties mortgaged shall be deemed to be vested in the Company. The Company has requested lenders of JAL for release and discharge of security interest on the said land vide its letter dated 26th May 2020, 01st September 2020, 26th November 2020, 18th January 2021, 08th February 2021, 02nd April 2021 and 15th June 2021. In this regard Standard Chartered Bank has issued NOC to release the 25.004 acres land situated at Land Parcel-1, Noida. Execution and registration of the release deed is in process. NOC's for balance land is yet to be received[refer Note 31(f)];

(a) The company has launched 37,510 Units till 31st March 2021 (37,510 Units till 31st March 2020) across its land parcel 1 i.e. Noida; Land parcel 3 i.e. Mirzapur& land parcel 5 i.e. Agra. Out of the said 37,510 Units, the company has sold 32,747 Units (Out of the same, Occupancy Certificate (OC) applied/ received for 13,237 Units and Offer of Possession were issued for 12,917Units) till 31st March 2021.

(b) CBRE South Asia Private Limited has carried out an assessment for cost to complete (comprising of civil cost, consent and approval cost, Internal Infrastructure Development Cost, Architect Fee and contingencies) as on 31.03.2019 for the real estate projects being developed by the Company at its land parcel 1 i.e. Noida and Land parcel 3 i.e. Mirzapur. The balance cost to complete as on 31.03.2021 is based upon the said assessment as reduced by the actual work done during FY 2019-20 & 2020-21.

NOTE NO. 39Operating Leases - Company as Lessor

The company has leased out road side facilities under noncancellable operating leases as per the agreed terms of the contract. All leases include a clause to enable upward revision of the rental charge on a periodical basis according to prevailing market conditions. Moreover, the company also has a variable rental income component dependent on the sales/ gross receipts of the lessees.

The total lease rent recognized as income during the year is ' 727.25 lakhs (Previous Year ' 1008.24 lakhs). Out of the above, a total of ' 299.21 lakhs (previous year ' 380.75 lakhs) is the variable rent which has been recognized as income during the period.

The Future minimum rentals receivables have not been disclosed since the non-cancellable periods under the operating leases have

alrppiHv pynirpH pic; at .^Ict Marr.h 9091

NOTE NO. 43

Expenditure incurred on Corporate Social Activities (CSR):

The Company has framed its CSR policy pursuant to the Companies Act, 2013. Due to inadequacy of the average profits, the Company has not spent any amount on CSR during the year.

NOTE NO. 44

Related Party Disclosures, as required in accordance with Ind AS-24 are given below:

Relationships (Related party relationships are as identified by the Company and relied upon by the Auditors)

A. Holding Company

1. Jaiprakash Associates Limited (JAL)

B. Subsidiary Company

1. Jaypee Healthcare Limited (JHL) (wholly owned subsidiary of the company)

C. Fellow Subsidiary Companies (being Subsidiaries of Holding Company JAL)

1. Bhilai Jaypee Cement Limited (JV subsidiary of JAL)

2. Himalyan Expressway Limited (Wholly owned subsidiary of JAL)

3. Gujarat Jaypee Cement & Infrastructure Limited (JV subsidiary of JAL)

4. Jaypee Ganga Infrastructure Corporation Limited (Wholly owned subsidiary of JAL)

5. Jaypee Agra Vikas Limited (Wholly owned subsidiary of JAL)

6. Jaypee Fertilizers & Industries Limited (Wholly owned subsidiary of JAL)

7. Jaypee Cement Corporation Limited (Wholly owned subsidiary

of JAL)

8. Himalyaputra Aviation Limited (Wholly owned subsidiary of JAL)

9. Jaypee Assam Cement Limited (Wholly owned subsidiary of JAL)

10. Jaypee Infrastructure Development Limited (new name of Jaypee Cement Cricket (India) Limited w.e.f. 21.02.2017) (wholly owned subsidiary of JAL)

11. Jaypee Cement Hockey (India) Limited (wholly owned subsidiary of JAL)

12. Jaiprakash Agri Initiatives Company Limited (wholly owned subsidiary of JCCL)

13. Yamuna Expressway Tolling Limited (new name of Yamuna Expressway Tolling Private Limited w.e.f. 05.04.2017; which again was the new name of Jaypee Mining Ventures Private Limited w.e.f. 24.03.2017) (subsidiary of JAL w.e.f. 25.03.2017 & wholly owned subsidiary of JAL w.e.f. 20.04.2017)

14. Jaypee Uttar Bharat Vikas Private Limited (JUBVPL) (JV Associate Co. till 25.07.2017. It became wholly owned subsidiary of JFIL/JAL w.e.f. 26.07.2017)

15. Kanpur Fertilizers & Cement Limited (JV Associate Co. till

25.07.2017. It became subsidiary of JUBVPL/JFIL/JAL w.e.f. 26.07.2017)

D. D. Associate Companies (being Associate Companies of Holding Company JAL)

1. Jaiprakash Power Ventures Limited (JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

2. Jaypee Powergrid Limited (Associate company upto24.03.2021) (It was JV subsidiary of JPVL upto 17.02.2017) (w.e.f.

18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

3. Jaypee Arunachal Power Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

4. Sangam Power Generation Company Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

5. Jaypee Meghalaya Power Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

6. Bina Power Supply Limited (Wholly owned subsidiary of JPVL) (w.e.f. 18.02.2017, it became an Associate Company of JAL in place of a subsidiary)

7. MP Jaypee Coal Limited (JV Associate Co. of JAL)

8. MP Jaypee Coal Fields Limited (JV Associate Co. of JAL)

9. Madhya Pradesh Jaypee Minerals Limited (JV Associate Co. of JAL)

10. Jaypee Infra Ventures Private Limited (JIVPL) [new name of ‘Jaypee Infra Ventures (A Private Company With Unlimited Liability)' w.e.f. 03.04.2018]

11. Mahabhadra Constructions Limited (MCL) (new name of Jaypee Development Corporation Limited w.e.f. 21.04.2020 (Wholly owned subsidiary of JIVPL)

12. Andhra Cements Limited (Subsidiary of MCL)

13. JIL Information Technology Limited (JILIT) (Subsidiary of JIVPL)

14. Gaur &Nagi Limited (wholly owned subsidiary of JILIT)

15. Jaypee International Logistics Company Private Limited (wholly

owned subsidiary of JIVPL) (dissolved w.e.f. 04.06.2018)

16. Tiger Hills Holiday Resort Private Limited (wholly owned subsidiary of MCL)

17. Indesign Enterprises Private Limited (IEPL) (subsidiary of JIVPL)

18. Ibonshourne Limited (subsidiary of IEPL)

19. RPJ Minerals Private Limited (RPJMPL)

20. Sarveshwari Stone Products Private Limited (wholly-owned subsidiary of RPJMPL)

21. Rock Solid Cement Limited (wholly-owned subsidiary of RPJMPL)

22. Sonebhadra Minerals Private Limited

E Associate Cos. (being KMP based associate companies of Holding Company JAL)

1. Ceekay Estates Private Limited

2. Jaiprakash Exports Private Limited

3. Jaypee Jan SewaSansthan (‘Not For Profit' Private Limited Company)

4. Think Different Enterprises Private Limited

5. Jaypee Hotels Limited

6. Jaypee Technical Consultants Private Limited

7. Bhumi Estate Developers Private Limited

8. JC World Hospitality Private Limited

9. JC Wealth & Investments Private Limited

10. CK World Hospitality Private Limited

11. Librans Venture Private Limited

12. KramInfracon Private Limited

13. First Light Estates Private Limited

14. Samvridhi Advisors LLP

15. AVU Enterprises Private Limited

16. Dixit Holdings Private Limited

17. iValue Advisors Private Limited

18. Kenbee Consultants LLP

19. JAL KDSPL JV (Joint Venture)

20. Siddharth Utility Private Limited

8. H.B. Stockholdings Limited

9. HB Leasing & Finance Co. Limited

10. RRB Master Securities Delhi Limited

11. RRB Housing Finance Pvt Limited

12. HB Estate Developers Limited

13. Pal Properties (India) Pvt Ltd

14. HB Portfolio Limited

15. HBB Properties Pvt Ltd

16. HB Financial Consultants Private Limited

17. ALMR Gems & Trading Pvt Ltd

18. HB Telecommunication Limited

19. Bhasin Investments Ltd

20. Merrygold Investments Ltd

21. Leos Portfolios Pvt Ltd

22. Har Sai Investments Ltd

23. Bhasin Share & Stock Brokers Ltd

24. Raja Ram Bhasin Share & Stock Brokers Ltd

25. CHL (South) Hotels Ltd

26. AHL Hotels Ltd

27. RRB Securities Ltd

H. AS PER COMPANIES ACT, 2013

A. Subsidiary Companies (As Per Companies Act, 2013)

As per Section 2(87) of the Companies Act, 2013, Definitions, read with Rule No. 2(1)(r) of the Companies (Specifications of Definitions Details) Rules, 2014, the Subsidiary Companies as on 31.03.2021 are the same subsidiary companies as mentioned above (as per IND AS 24)

B. Related Parties (As per Companies Act, 2013)

In addition to the above Companies following are Related Parties as per Section 2(76) of the Companies Act, 2013

I. 1. Jaypee Spa Infocom Limited

2. OHM Products Private Limited

3. Trust Cap Private Limited

4. Conservation Corporation of India Private Limited

5. New Kenilworth Hotel Private Limited

6. Mata Securities India Private Limited

7. Malnad Projects Private Limited

* The advance is recoverable from the RA Bills to be raised by JAL pursuant to the work contract awarded to JAL.

** The sum receivable from JC World Hospitality Private Limited is secured against the mortgage of 177 number of units as per the registered Mortgage deed dated 13th February 2017 in favour of the Company. The amounts receivable as on 31st March 2021 aggregating to ' 3,000.00 lakhs is overdue ranging from 31st December 2017 to 31stMarch 2021. The company has created provision for full amount as expected credit loss. The Company had filed application for termination of SubLease agreement with JC World Hospitality Private Limited before Hon’ble NCLT Allahabad. The said application for termination was disposed-off vide Hon’ble NCLT Principal Bench order dated 03.03.2020. However, JC World Hospitality Private Limited was admitted under Section 7 of Insolvency & Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process proceedings on 13 December 2019.

*** Receivable in annual tranches beginning from 30th September 2020 and ending on or before 30th September 2033 equivalent to ' 2,000.00 lakhs calculated on Net Present Value (NPV) basis @ 12% discounting factor.

$ includes an amount of ' 5182.26 lakhs in the payables to Jaiprakash Associates Limited which pertains to pre CIRP period.

Further, details of securities for loans/NCDs taken by JAL from banks/financial institutions, and details of corporate guarantee/securities for Jaypee Healthcare Limited, subsidiary company are stated in note no. 37& 33(i) of the Accounts respectively. Also, balances with JAL are subject to confirmation since JAL and the company’s reconciliation is subject to outcome of NCLT Order as per directions of Hon’ble Supreme Court.

NOTE NO. 46 : CAPITAL MANAGEMENT

The Company is undergoing CIR process, details given in Note 31. It manages its capital to ensure that the company will be able to continue as going concern while maximising the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of net debt (borrowings as detailed in notes 16, and 21 (Current maturity of long term borrowings offset by cash and bank balances) and total equity of the company.

The Company's management reviews the capital structure of the Company at periodical intervals.

Gearing ratio:-

The gearing ratio at end of the reporting period was as follows.

The Company has disclosed financial instruments such as trade receivables, loans and advances, other financial assets, trade payables, borrowings and other financial liabilities at carrying value because their carrying amounts are reasonable approximation of the fair values except where fair value is lesser than carrying value

Fair value hierarchy

The fair value of financial instruments have been classified into three categories depending on the inputs used in the valuation technique

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market

Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs

Level 3: Inputs which are not based on observable market date

NOTE NO. 48 : FINANCIAL RISK MANAGEMENT

The company's activities expose to variety of financial risk: market risk, credit risk and liquidity risk. The company focus to foresee the unpredictability of financial markets and seek to minimize potential adverse effect on its financial performance.

Market Risk

The company's activities expose to the financial risks of changes in foreign currency exchange rates and interest rates.

a) Foreign currency risk management

The company does not have any material foreign currency exposure.

b) Interest rate risk management

The company is exposed to interest rate risk because company borrows funds at both fixed and floating interest rates.

Since the company is under corporate insolvency resolution process andresolution plan is yet to be approved, the company is not exposed to any interest rate change. Accordingly, the impact of interest rate changes on the financial statements has not been considered.

c) Credit risk management

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. The company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

The expected credit loss on company's trade receivables in respect of real estate projects have been provided on the basis of lifetime expected credit loss. In respect of other trade receivables under the road side facilities, the Company consider provision for lifetime expected credit loss. Given the nature of business operations, the Company's trade receivables have low credit risk since the Company has taken adequate security deposits as part of the agreement entered with respective entity.

d) Liquidity risk management

The Company has established an appropriate liquidity risk management framework for the management of the company's short-term, medium-term and long-term funding and liquidity management requirements. The company manages liquidity risk by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Liquidity risk is subject to the implementation of the approved resolution plan by the Successful Resolution Applicant. Accordingly, the Company's remaining contractual maturity for its non-derivative financial liabilities has not been considered in the financial statements.

NOTE NO. 49

The Standalone Financial statements of the Company comprise of only one segment i.e. Yamuna Expressway Project, an integrated and indivisible project which inter-alia includes construction, operation and maintenance of Yamuna Expressway and rights for land development of 25 million sq.mtr. along the Expressway. Accordingly, the same is treated as a single cash generating unit for the purpose of impairment testing.

NOTE NO. 50

Jaypee Healthcare Limited (JHCL), subsidiary of the company, has incurred losses in current year as well as previous year(s) and its net worth has been fully eroded. Based upon current valuation report available total liabilities of JHCL exceeds its enterprises value. In view of this, the company has provided impairment loss of ' 42750 lakhs in investment inequity shares of JHCL.

NOTE NO. 51

The Company does not have any long- term contracts including

derivative contracts for which there are any material foreseeable losses as at 31st March, 2021.

NOTE NO. 52

a) All the figures have been presented in Rupees in lakhs, except when otherwise indicated.

b) Previous year figures have been reworked/regrouped/ rearranged wherever necessary to conform to those of current year

NOTE NO. 53

Events after the reporting period

There are no other events observed after the reported period which have a material impact on the Company's operation.

NOTE NO. 54

The balances of creditors, debtors, lenders, YEIDA, advances paid/received, and other liabilities appearing in the balance sheet are subject to balance confirmation / reconciliation at year end. The Company is in the process of obtaining the respective confirmations. However, in some cases company has received balance confirmation /statement of accounts from the above said parties.

NOTE NO. 55

Approval of financial statement

As the powers of the Board of Directors have been suspended, the financial statements have not been adopted by the Board of Directors. However, the same has been reviewed and signed by IRP & signed by Company Secretary. The position of CFO had become vacant pursuant to resignation of former CFO since July 31,2020.

Signatures to Notes No. 1 to 55

For Dass Gupta & Associates Surender Kumar Mata

Chartered Accountants Company Secretary

Firm Registration No. 000112N M. No.: ACS 7762

CA Pankaj Mangal Anuj Jain

Partner (Interim Resolution Professional)

M. No. 097890 IBBI/IPA-001/IP-P00142/2017-18/10306

Place : Noida Dated : 22.06.2021