Restructuring and Insolvency

Representative Matters

• Represented ArcelorMittal India Private Limited before the Hon’ble NCLT, Cuttack as the resolution applicant for Odisha Slurry Pipeline Infrastructure Limited.
• Acted as lead counsel for ArcelorMittal and Nippon Steel Corporation, Japan 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.
• Advised and represented JSW Steel Limited in its proposed acquisition of Bhushan Power & Steel Limited (BPSL) before NCLAT. The Resolution Plan was approved and all conditions imposed by the Adjudicating Authority were removed. BPSL’s financial debt was USD 7 Billion. its proposed acquisition of Jaypee Infratech having an outstanding debt of USD 3.53 Billion; and its prospective bid for Dighi Ports Limited, having an outstanding debt of USD 440 Million. on its proposed acquisition of Aircel Limited, Aircel Cellular Limited and Dishnet Wireless Limited. The total outstanding financial debt of Aircel Limited was over USD 2.94 Billion; and as a resolution applicant for Reliance Communications Limited with total loans of approximately USD 16 Billion.
• Represented Silver Point Capital before the NCLT, New Delhi in the case filed by the resolution professional of Patna Highway Projects Limited (having a debt of INR 5300 Crore) for the approval of the resolution plan.
• Represented Indian Renewable Energy Development Agency Limited in Section 7 proceedings against numerous defaulters, such as SLS Power Corporation Limited and Saroj Energy Company Private Limited.
• Assisted Jindal Steel & Power Limited in resisting an interim stay before the Supreme Court of India in a civil appeal filed by BHEL against the liquidator of Monnet Power Company Ltd.
• Represented the Resolution Professional of Crest Steel & Power Private Limited in the corporate insolvency resolution process.
• Represented the Chairman of the Monitoring Committee for Educomp Infrastructure Solutions and Marketing Limited in the corporate insolvency resolution process.
• Advised PNB Housing Finance Ltd. in relation to commencing insolvency proceedings against a builder.
• Advised the insolvency professional in relation to the debt restructuring of Bhushan Steel Limited – sold as a going concern to Tata Steel Limited at a deal value of USD 5.40 Billion.
• Advised the insolvency professional in relation to the debt restructuring of Binani Cement Limited – sold as a going concern to Ultratech Cement Limited at a deal value of USD 1.16 Billion.
• Advised the insolvency professional in the conduct of the debt resolution process of Amrapali Silicon City Private Limited, having a total outstanding debt of USD 440 Million.
• Advising the liquidator in the liquidation of Bharati Defence Infrastructure Limited, having a total debt of USD 1.92 Billion.
• Advised the liquidator in relation to liquidation of EPC Constructions India Limited, having a debt of USD 1.10 Billion.
• Represented the CoC, as the sole legal advisor of the CoC, in the corporate insolvency resolution process of R-Cap. R-Cap is the largest insolvency deal of this year which includes admitted claims of more than USD 3 Billion.
• Represented the COC as the legal advisor in the corporate insolvency resolution process of Reliance Capital Limited.
• Represented the COC of Reliance Naval & Engineering Limited in multiple proceedings before the NCLT.
• Advised the COC led by State Bank of India in the sale of Orchid Pharma Limited to Dhanuka Laboratories Limited. The total commercial debt of Orchid Pharma was approximately USD 426 Million.
• Acted as advisors to the creditors of Lavasa Corporation, having a total outstanding debt of about USD 1 Billion.
• Acted as advisors to the creditors of Ruchi Soya in its rehabilitation and resolution of its debt of USD 1.68 Billion.
• Represented and advised IDBI Bank, which is a financial creditor of Deccan Chronicle Holdings Limited, in proceedings before the NCLAT.
• Advised a bidder in respect of acquisition of certain aircraft of Jet Airways Limited that were put on auction for disposal pursuant to the approval of the resolution plan for Jet Airways Limited by NCLT Mumbai.
• Represented Future Group in the USD 3 Billion debt restructuring of Future Retail Limited, Future Enterprises Limited, Future Lifestyle Fashions Limited, Future Consumer Limited, Future Supply Chain Solutions Limited, and other unlisted companies for all outstanding debt owed to 28 Indian banks under the resolution framework for COVID-19-related stress announced by the Reserve Bank of India.
• Acted for GoI nominated board of Unitech Limited in relation to resolution of Unitech Group. The total liability of Unitech Limited was USD 3.64 Billion.
• Advised Suzlon Energy Limited on its restructuring by way of a consent solicitation and voluntary substitution of its USD 547 Million step-up convertible bonds due 2019.
• Advised ArcelorMittal, in its court-mandated repayment of the entire outstanding debt of Uttam Galva Steels Limited. The total outstanding financial debt of Uttam Galva Steels Limited was USD 1.09 Billion.
• Advised a consortium of lenders in restructuring of their exposure in Religare Finvest Limited, an NBFC facing financial stress under the revised framework for stressed assets notified by the RBI which enables resolution outside of insolvency.
• Represented HDFC AMC Limited, L&T Infra Debt Fund, India Infradebt Limited, IDBI Bank Limited, Yes Bank Limited, India Infrastructure Finance Company Limited and IFCI Limited before the Hon’ble NCLAT and successfully got certain entities of the IL&FS Group re-categorised so as to restart the lenders’ debt servicing worth approx. INR 30 Billion.
• Advised a consortium of lenders in a sale of their exposure and restructuring of capital in GMR Chhattisgarh Energy Ltd, having a debt of USD 850 Million.
• Advised Essel Group in relation to the proposed acquisition of Hindustan Dorr Oliver Limited and HDO Technologies Limited.
• Acted as the lenders’ legal counsel to a consortium of 22 lenders, with ICICI Bank as the Monitoring Institution, in relation to corporate debt restructuring of Shiv-Vani Oil and Gas Exploration Services Limited with restructured secured facilities aggregating USD 450 Million.