Approval of the Scheme by creditors requires a majority vote in favor, representing at least 75% of creditors by value of the creditors present and voting. Once approved, the Scheme has to be sanctioned by the Court before becoming legally binding on both the Company and its creditors. Only once the Scheme has been sanctioned by the Court, can the restructuring plan be implemented.
If the Scheme is approved, how soon can creditors expect the restructuring plan to be implemented?
