Future Supply Chain Solutions has said that its board of directors and lenders have approved a debt restructuring plan.
In a regulatory filing, the company said that its board of directors approved the plan on Tuesday.
“The board of directors of Future Supply Chain Solutions Limited at its meeting held on April 20, 2021, has approved a resolution plan to restructure its existing financial debt as permitted under the Resolution Framework for Covid-19-related Stress announced by the Reserve Bank of India,” it said.
The said resolution plan has been in-principle agreed by the lenders to the existing debt of the company after assessing the viability of resolution plan.
As part of the resolution plan, the debt raised through the non-convertible debentures issued by the company under Series-I and Series-II (NCDs) are also part of the existing debt and are proposed to be restructured.
The company has received consent of 100 per cent of the holders of the NCDs and the debenture trustee to amend the terms and conditions of the NCDs as per the resolution plan approved by other lenders of the existing debt.
“The board took these consents on record, in the aforementioned board meeting, and approved the restructuring of the NCDs in line with the resolution plan agreed by the other lenders of the Existing Debt,” it said.
Further, the company shall, prior to implementing the restructuring of NCDs under the resolution plan, obtain the approval of the concerned stock exchanges where the NCDs are listed.