Dispute Resolution

Representative Matters

• Board and Appellate Tribunal Authority for Industrial & Financial Reconstruction
• (Details of the on-going mandates are withheld due to attorney-client privilege and to ensure confidentiality. The following cases are some of the prominent cases handled previously.)
• Represented ArcelorMittal Group before the Supreme Court in an Appeal filed by one of the Creditors of Odisha Slurry Pipeline Infrastructure Limited (OSPIL), which was acquired by ArcelorMittal Group through the Corporate Insolvency Resolution Process.
• Assisted Jindal Steel & Power Ltd in resisting an interim stay before the Supreme Court of India in a Civil Appeal filed by BHEL.
• Advised and successfully obtained an order in favour of L&T Investment Management Limited before the Hon’ble National Company Law Tribunal, Mumbai Bench in a Petition seeking initiation of Corporate Insolvency Resolution Process against Reliance Broadcast Network Limited.
• Represented American Tower Corporation before the Delhi High Court in arbitration proceedings against Reliance Communications Limited and Sistema Smart Technologies Limited in respect of its contractual claims in excess of INR 1,000 Crore.
• Represented PNB Housing Finance Ltd. in a series of challenges by the Personal Guarantors against whom Insolvency Resolution Process has been triggered on the Petition filed by PNB Housing Finance Ltd.
• Represented the Godrej Group in a series of litigation before the NGT and the Supreme Court where a residential project floated by Godrej properties has been challenged before the NGT by a private party.
• Represented Bisleri in a Writ filed before the High Court of Kerala against the Notifications issued by the State of Kerala imposing ban on the PET/PETE Bottles of capacities below 500ml for drinking water purposes.
• Represented the Committee of Creditors of Reliance Capital Limited in a successful appeal before the NCLAT challenging the NCLT’s order.
• Represented GMR Hyderabad International Airport Limited (GHIAL) and GMR Aero Technic Limited (GAT) in a case where Air Works accused GHIAL of denying them market access to favour their own group entity in the Hyderabad airport’s maintenance, repair, and overhaul market.
• Represented IL&FS against the Govt. of the Rajasthan, in an Arbitration, where it has attained an award in excess of INR 130 Crore for a project which started back in 2008, Bhamashah Scheme, which aimed at upliftment of women in the marginalized sections of the rural society.
• Represented NHPC Ltd (erstwhile National Hydroelectric Power Corporation Limited): in obtaining an unconditional stay for NHPC Ltd. as the Hon’ble High Court was of the opinion that this is a fit case where the question for furnishing of security to obtain a stay of the award does not arise in view of the very fact that there exists no monetary award. in both the arbitration proceedings related to a dispute with M/s Patel SEW (JV) over the construction of Civil and Hydro Mechanical Works for Diversion Dam and Part Head Race Tunnel of the Parbati Hydroelectric Project in disputes that arose between NHPC Limited and M/s Larsen & Toubro Limited. in a Section 34 Petition against M/s BGS-SGS-SOMA JV challenging the Arbitral Award worth INR 650 Crore. in disputes that emerged between NHPC Limited and Gammon Engineers and Contractors Ltd in the Parbati Hydroelectric Project which aimed to harness the hydro potential of the lower Parbati river.
• Represented Gulf Oil Corporation Limited before the Hon’ble Supreme Court of India against the State Endowments department of Telangana in a matter relating to acquisition of land leased by the State and the right of GOCL to obtain compensation.
• Represented the resolution professional through the insolvency resolution process of Bhushan Steel Limited, which was by far the largest non-performing loan account in the Indian banking system with outstanding dues to the banks in excess of USD 8 Billion and one of 12 accounts identified by the Reserve Bank of India for immediate resolution. The approved resolution plan for Bhushan Steel was submitted by Tata Steel Limited, and eventually resulted in a recovery in excess of USD 5 Billion for the lenders in addition to a 12% equity stake in the company. The resolution plan was challenged by a group of employees led by a former director of the company, and two operational creditors of the company. We successfully represented the resolution professional in defending these challenges before the NCLT, New Delhi and in obtaining its approval for the resolution plan. Pursuant to the order of the NCLT, Tata Steel Limited acquired ownership and control of Bhushan Steel Limited as per its resolution plan. We also successfully represented the Resolution Professional, in the appeal proceedings filed against the order of the NCLT by the erstwhile promoter and two operational creditors of the Bhushan Steel Limited before the National Company Law Appellate Tribunal.
• Represented JSW Steel Limited, a resolution applicant in the corporate insolvency resolution process of Bhushan Power and Steel Limited, one of the largest non-performing loan accounts in the Indian banking system with outstanding dues of approximately INR 48,000 Crore and one of 12 accounts identified by the Reserve Bank of India for immediate resolution. We are currently representing JSW Steel Limited before the National Company Law Appellate Tribunal and the Supreme Court in relation to proceedings initiated by another resolution applicant against the consideration of the improved financial proposal submitted by JSW Steel Limited.
• Represented ArcelorMittal India Private Limited, a resolution applicant in the corporate insolvency resolution process of Essar Steel Limited, another one of the 12 accounts identified by the Reserve Bank of India for immediate resolution, in proceedings before the National Company Law Tribunal, Ahmedabad, National Company Law Appellate Tribunal and the Supreme Court of India.
• Represented Maharashtra Seamless Ltd. (D.P. Jindal Group) in getting a Resolution plan approved for buying a debt-ridden Company at INR 477 Crore under Insolvency.
• Represented Cairn Energy India Pty Limited in a dispute with the Ministry of Petroleum and Natural Gas, Government of India (MoPNG) with regard to interpretation of terms of a Production Sharing Contract, and certain claims raised by the MoPNG thereunder.
• Represented Punj Lloyd in its dispute with ONGC regarding setting up an oil rig before the Bombay High Court. The dispute involved various claims arising out of complicated issues related to constructions, fabrication and installation of various rig components at high sea.
• Represented IL&FS Paradip Water Private Limited in a dispute with Indian Oil Corporation Limited with regard to issues related to laying of water pipeline from Mahanadi to Paradip for Paradip refinery. in initiating the Corporate Insolvency Resolution Process under the new Insolvency and Bankruptcy Code, 2016, and achieved victory for Hero FinCorp before the National Company Law Tribunal-Ahmedabad Bench. before the Hon’ble Delhi High Court on whether the proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and Arbitration and Conciliation Act, 1996 (hereinafter referred to as Arbitration Act) can be initiated together. Hero had advanced a loan to a Company against mortgage of certain immoveable properties. Since a default occurred on behalf of the Borrower, Hero initiated action under the Arbitration Act.
• Represented Nokia India Private Limited, in a writ petition before the Hon’ble Madras High Court, which was filed against the order of the learned Labour Court –III, Chennai allowing the claim petitions of 63 ex-workmen against Nokia for enhanced severance compensation.
• Represented Biocon before the Delhi High Court in a matter which is the first dispute of its kind being adjudicated in civil courts in India on the issue of bio-similarity in the medical field and in an on-going Pharma patent dispute with Roche over the cancer drug.
• Represented HCL Technologies Limited in connection with seeking the winding up of Getit Infoservices Private Limited, which used to run a popular e-commerce platform “Askme”.
• Represented Axis Bank/ Edelweiss opposite HSBC Bank and DBS Bank in connection with unilateral enforcement proceedings initiated by such banks when the “joint lenders forum” of BILT Graphic Paper Products Limited stood constituted.
• Represented Etisalat DB Telecom Pvt. Ltd (EDB) before High Court of Bombay in respect of its winding up. We represent EDB before TDSAT for disputes involving claims over INR 1700 Crore and are defending claims of attachment including cash reserves. The Firm is actively defending the Company across the country in different foras over various claims involving USD 240 Million approximately.
• Defended Mahyco Monsanto Biotech against proceedings initiated against it in the Monopolies and Restrictive Trade Practices Commission against allegations of restrictive trade practices.
• Achieved a significant victory before the Hon’ble Supreme Court of India for Mauritius Commercial Bank when the Hon’ble Supreme Court dismissed the SLP filed by Sujana Universal Industries Ltd. Through the SLP, Sujana had sought a stay on the operation and effect of the Judgment and final order dated 01.10.2015 passed by the High Court of Judicature at Hyderabad for the State of Telangana and State of Andhra Pradesh. Rejecting several contentions raised by Sujana’s Senior Counsel, the Hon’ble High Court had upheld the order passed the City Civil Court that the decree sought to be enforced by the Bank (Mauritius Commercial Bank) passed by the UK High Court was passed after due consideration of merits and duly complied with the procedures as applicable in UK.
• Appearing on behalf of National Aviation Company of India Limited (NACIL) in a Company Petition under Section 559 of the Companies Act, praying for order declaring the dissolution of Indian Airlines Limited passed by the Ministry of Company Affairs, pursuant to the order of amalgamation of Indian Airlines Limited and Air India Limited with NACIL, as void.
• Represented Punj Lloyd Ltd. in its arbitration claims against Ramaprastha Builders Ltd. involving a claim exceeding USD 25 Million as well as before the Company Law Board in respect of shareholders disputes.
• Advising and represented Rheinmetall Air Defence in a litigation arising from a blacklisting order made by one of the departments functioning under the aegis of the Ministry of Defence, Government of India.
• Advising and represented Unitech in a multi-million international arbitrations against Telenor in respect of shareholders disputes, inter alia, pertaining to Rights issue, indemnity clause and veto/affirmative rights of Unitech.
• Acted as the lead counsel for ArcelorMittal and Nippon Steel Corporation, Japan, two of the largest steel conglomerates in the world, in their proposed acquisition of Essar Steel India Limited, an integrated steel producer with an annual capacity of 10 million tonnes. The total outstanding financial debt of Essar Steel India Limited was USD 7 Billion. As a part of proposed resolution, Essar Steel India Limited is to be successfully rehabilitated at a deal value of USD 6.5 Billion resulting in the creditors realising 93% of their admitted claims. The Firm advised both acquirers in all aspects of the deal including balancing the risk appetite of both parties and achieving synergies with the commercial intent of the creditors of Essar Steel India Limited.
• Advised JSW Steel Limited, one of India’s leading integrated steel manufacturers, in its proposed acquisition of Bhushan Power & Steel Limited, an integrated steel producer with an annual capacity of 3 million tonnes. BPSL is one of the largest loan defaulters that was admitted into insolvency with admitted financial debt in excess of USD 7 Billion. The Firm advised JSW Steel in evaluating and bidding for the opportunity, by conducting legal due diligence on BPSL and developing, negotiating and finalising a resolution plan, in the face of stiff competition from others interested in the asset. The Firm was closely involved with JSW Steel in devising strategy for increasing the financial offer for acquisition of the asset and emerging victorious in a closely contested bid process and was involved in strengthening jurisprudence on maximization of value of assets that undergo insolvency resolution process. The Firm also filed and obtained an anti-trust approval for JSW Steel in a record time.
• Advised JSW Infrastructure Limited and IBC Group, in their proposed acquisition of Jaypee Infratech, a major real estate and highways developer in India having an outstanding debt of USD 3.53 Billion and close to 20000 unfinished residential units.
• Advised Essel Group in relation to the proposed acquisition of Hindustan Dorr Oliver Limited and HDO Technologies Limited. The aggregate debt of the target group was approximately USD 279 Million.
• Advised JSW Infrastructure as a prospective bidder for Dighi Ports Limited, a greenfield port being developed as a multipurpose, multi cargo, all weather port with deep draught, direct berthing facilities and cargo handling equipment, within outstanding debt in excess of USD 440 Million.
• Assisted towards the corporate debt restructuring schemes of the Reserve Bank of India, including acting on the debt restructuring exercises undertaken by Bhushan Power and Steel, Everonn Education and Abhijeet Ferrotech.
• Several partners within the Firm have also defended high profile clients in contentious criminal matters. While some of the names are being withheld due to privacy concerns, an illustrative list of some of the notable work in criminal law is as under:
• Successfully represented Philips India Ltd (Mr. Mehul Karnik of Philips India Ltd), in a pending Common-Wealth Games Scam matter (C.B.I case) before the Special Judge, C.B.I court. Charge sheet was filed by C.B.I and we pressed for discharge and addressed arguments in support thereof. Taking due note of the same, the special Court was pleased to discharge our client. This is for the first time that an accused was discharged by a Session Court in CWG matters purely on merits, that too, at a preliminary stage of framing charges. Earlier, in the same matter, we were successful in seeking bail for our client when almost all of the other accused were still under judicial custody.
• Represented Jharkhand Ispat Private Limited and its Directors in the first ‘Coal Scam’ charge sheet filed by the CBI in CBI v. M/s Jharkhand Ispat Private Limited.
• Represented the CEO of Multi Screen Media Pvt. Ltd. / Sony in criminal proceedings relating to alleged criminal defamation initiated by a senior IRS officer in Lucknow alleging violation of Sections 499 and 500 IPC (Defamation) pursuant to an episode of “Crime Patrol” telecast on SAB TV channel. The Trial Court had taken cognizance of the matter and had even issued warrants against the CEO of Our Client. We filed a quashing petition under Section 482 Code of Criminal Procedure, 1973, before the Lucknow Bench of the Hon’ble Allahabad High Court which was bitterly contested by the complainant as well as the State Government. Vide its judgment dated 07.12.10, the Hon’ble High Court was pleased to allow our petition in its entirety and quash the complaint and all pending summons/warrants qua the CEO of Our client.
• Defended an accused in an ongoing investigation by the Central Bureau of Investigations and the Enforcement Directorate pertaining to grant of licences and allocation of spectrum during the tenure of Mr. Dayanidhi Maran, former Minister of Communications and Information Technology and the investment made by a Malaysian company in the Maran Case.
• Represented Mr. Suhaib Ilyasi, one of the most notable TV journalists of the 1990’s and early 2000’s, in getting his life sentence for the alleged murder of his wife overturned by the High Court of Delhi in Suhaib Ilyasi v. State.
• Regularly represented numerous public servants in relation to proceedings under the Prevention of Corruption Act (as amended in 2018) for alleged misconduct during the discharge of official duties including receipt of bribes, amassing disproportionate assets, dereliction of duty etc. (names withheld).