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Supreme Infrastructure India Ltd., a specialist in end-to-end infrastructure development, has filed a plea with the Company Court under Section 230-232 of the Companies Act, 2013 to seek approval on the new resolution plan for debt settlement with its financial creditors within 90 days.
In the recent board meeting, 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 Ltd to financial creditors, which was 2200.36 Crores, has been reduced to 464 Crores as the settlement amount. The company is now under process with the company court to obtain final approval.
Vikram Sharma, Managing Director of 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 Company court clearance and achieving a debt-free status for Supreme Infrastructure by the end of September 2024.”
Post Company court 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.
