Supreme Infrastructure India Ltd. said it had filed a plea with the National Company Law Tribunal (NCLT) seeking approval on the new resolution plan for debt settlement with its financial creditors within 90 days.
 
It said in a recent board meeting, it had secured a majority vote from its financial creditors on the ‘Composite Scheme of Compromise and Arrangement’, with 92% of the votes in favour. The scheme had already been approved by the Board of Directors of Supreme Infrastructure in 2022.
 
“Further to this meeting, the total outstanding debt to financial creditors, which was ₹2,200.36 crore, has been reduced to ₹464 crore as the settlement amount. The company is now under process with NCLT to obtain final approval,” it said in a statement.
 
Vikram Sharma, Managing Director of Supreme Infrastructure India in a statement said, “With a strong restructured resolution plan, we are confident about obtaining NCLT clearance and achieving a debt-free status for Supreme Infrastructure by the end of September 2024.”
 
Post NCLT clearance, the implementation process will involve monetising the company’s assets and promoters’ assets (Consortium Charge), raising equity from existing or new investors, and leveraging promoters’ contributions to finance the settlement amount payable to financial creditors, the company added.