Suzlon Committee of Creditors Starts Voting on Promoters’ Restructuring Plan

The committee of creditors (CoC) of beleaguered wind energy producer Suzlon Energy have started voting on the debt restructuring plan presented by promoters of the company, sources close to development told FE, The Financial Express reported. The process will conclude by March 26. “Out of 19 lenders, 16 have voted on resolution plan” the source added. The e-voting for Suzlon was supposed to be completed on March 21, but due to the existing scenario over Covid-19, it has been extended till March 26, a source further added. As per the Insolvency and Bankruptcy Code (IBC), a 66% vote is required for the CoC to approve a resolution plan. The current proposal by promoters of Suzlon offers a 60% haircut to lenders in which the total debt will be split in sustainable and unsustainable portion. Suzlon owes Rs 12,785 crore to financial creditors; State Bank of India (SBI) is the lead lender. Read more