Supreme Infrastructure India, a specialist in end-to-end infrastructure development, has filed a plea with the National Company Law Tribunal (NCLT) to seek approval on the new resolution plan for debt settlement with its financial creditors within 90 days.
The firm 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 of Supreme Infrastructure India to financial creditors, which was Rs 2200.36 crores, has been reduced to Rs 464 crores as the settlement amount. The company is now under process with NCLT to obtain final approval.
Vikram Sharma, MD, Supreme Infrastructure India, said, “We are immensely grateful to our supportive partners and creditors who have shown trust in us by backing us with 92% of the votes. 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 monetizing 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.
In the past, Supreme Infrastructure India has expanded its presence across India with notable projects such as the Business Park in Powai, Kotkapura Site, Mukundpur & Chetla in Kolkata, MICM in Bhubaneswar, Haji Malang Funicular Ropeway, and Nagar Phase 1 in Ahmednagar.
