Sadbhav Engineering Limited announced that its Board of Directors, in a meeting held on December 17, 2025, has approved a significant debt resolution plan. This plan is designed to help the company meet its debt service obligations in line with the RBI's Prudential Framework for Resolution of Stressed Assets. The Board has authorized the execution of a Master Restructuring Agreement and ancillary agreements as part of this plan. A key component of the approved plan is the issuance of rupee-denominated, unlisted, rated, secured, taxable, and redeemable non-convertible debentures (NCDs) amounting up to ₹1,000 Crores. These NCDs will be issued on a private placement basis in one or more tranches. The restructuring plan involves converting fund-based debt of ₹890 Crores into NCDs: ₹454 Crores (NCD-I) at an IRR of 9% p.a. and ₹436 Crores (NCD-II) at an IRR of 0.01% p.a. Additionally, the Net Present Value (NPV) of interest on NCD-II, calculated at an IRR of 8.99% p.a., is proposed to be converted into equity, subject to regulatory guidelines. Bank guarantees (BGs) issued before the restructuring implementation, up to a cap of ₹100 Crores, will be converted into Fund Based debt (NCD-III) and serviced at an IRR of 9% p.a. Non-fund based debt will be capped at ₹610 Crores. The company also disclosed that the trading window for dealing in its securities, which was already closed, will reopen 48 hours after the disclosure of this board meeting outcome. The Board meeting commenced at 7:00 PM and concluded at 8:30 PM on December 17, 2025.