Wind energy major Suzlon on Thursday said its lenders, comprising 19 banks led by the SBI, have approved its proposal to rejig Rs 9,500 crore of domestic debt, providing a big relief to financially troubled company.

"The empowered group of corporate debt restructuring (CDR) cell comprising 19 lenders today formally approved our CDR proposal to recast Rs 9,500 crore of domestic debt. The package is effective from October 1, 2012 and does not include our foreign currency debt," Suzlon said in a statement.