Supreme Infrastructure sets Rs 2,200 crore debt resolution in motion
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Construction and engineering company Supreme Infrastructure India (SIIL) has moved ahead with the resolution of its ₹2,200 crore debt exposure under a court-approved settlement plan involving 13 lenders.The company has repaid ₹387.92 crore as part of the resolution scheme approved by the National Company Law Tribunal (NCLT), Mumbai, in March under Sections 230 and 232 of the Companies Act, which allow companies to restructure debt and settle with creditors through a court-monitored process outside the Insolvency and Bankruptcy Code.The approved plan provides for a full and final settlement of ₹464 crore to financial creditors including State Bank of India Bank of India and JM Financial Asset Reconstruction Company, among others.Of the total amount, ₹183.29 crore was raised through monetisation of assets owned by the company and its promoters. Another ₹147.23 crore came from preferential allotment of equity shares to new and existing investors, including promoter contributions. An additional ₹133.48 crore was paid through monetisation of assets exclusively charged to certain lenders, who released their claims following receipt.While a portion of non-fund-based liabilities, mainly bank guarantees, remains pending, the company expects to address these in the coming weeks.MDP Associates represented SIIL, with the transaction team led by managing partner Ashok Paranjpe and partner Radhika Dixit. Saraf and Partners, led by partner Satyadarshi Kunal, with support from his team, represented the lenders.To facilitate the settlement and ensure structured repayment, SIIL and the lenders entered into nine escrow agreements, resulting in the creation of 11 transaction escrow accounts. State Bank of India acted as the escrow agent, while SBICAP Trustee Company served as the escrow documentation agent. The accounts managed inflows from asset sales and equity issuances and routed repayments to creditors as per the scheme.Objections to the scheme were initially raised by ICICI Bank, SRS Private Investment Powai and Central GST & Central Excise Department. ICICI Bank later withdrew its objection following a settlement, while the tribunal clarified that the GST department's claims were outside the scope of the scheme.
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