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| Exchange Received Time 28/09/2019 00:03:37 Exchange Disseminated Time 28/09/2019 00:03:44 Time Taken 00:00:07 | As has been intimated to the stock exchanges by the Company, the Company has formulated and submitted a draft resolution plan('Resolution Plan') for discussions with and consideration of the core-committee of lenders under the circular dated 7 June 2019 issued by the Reserve Bank of India on the Prudential Framework for Resolution of Stressed Assets ('7 June Circular'). Several banks and financial institutions have entered into an inter-creditor agreement ('ICA') under the 7 June Circular to consider a resolution plan in respect of the Company.
Today, i.e. on 27th September 2019, the Company held a meeting to present the draft Resolution Plan to all its institutional creditors including banks, financial institutions, mutual funds, insurance companies and other institutional bond holders, and to apprise them of the various steps required to be undertaken to implement the Resolution Plan of the Company.
Please find enclosed the draft Resolution Plan formulated by the Company.
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