MMTC update on debt restructuring scheme

MMTC announced that pursuant to outstanding existing financial assistance/credit facilities Restructuring Scheme approved by Banks of MMTC in terms of above RBI guidelines, the Board of Directors of the company approved the Implementation and Signing of necessary documents in this regard on 8 June 2021. State Bank of India is the lead Banker.

Under this scheme, the company has got moratorium/deferment on recovery of interest for credit facilities upto December 2021/March 2022 and for Principal upto March 2022 by different Banks.

The final settlement is envisaged out of divestment proceeds of Neelachal Ispat Nigam (NINL). It may be affected by cases/ Anglo Coal, Government directives and Covid-19 pandemic situation etc. Requisite information/records were shared with Banks and subsequently, the company/banks have signed the Master Debt Resolution Agreement, Transfer & Retention Account Agreement and other necessary documents thereto, on 8 June 2021.

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