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Corporate Restructuring
& Insolvency

The Firm has deep knowledge and comprehensive experience in handling intricate legal issues pertaining to investment in distressed assets and corporate restructuring. Understanding intricate issues and the ability to identify risks and advise appropriately is a key skill set of the members of this practice area. Pursuant to the onset of the Insolvency and Bankruptcy Code, 2016 (“Code”), the Firm has extensively advised several clients on issues arising under the Code.

The Firm has been constantly recognised as one of the leading restructuring and insolvency law firms in India by several international and domestic publications. The Firm has advised investors (financial and strategic), funds, asset reconstruction companies, financial institutions, resolution professionals, as well as committees of creditors in some of the largest resolution processes, including some of the first 12 RBI mandated cases.

The Firm is able to efficiently combine all the elements involved in a complex restructuring, both contentious and non-contentious, advising clients on mergers, demergers, acquisitions, takeovers, capital reorganisations and such other transactions connected to corporate restructuring.

The team dedicated to this practice area is a specific amalgam of expertise from the banking & finance and the corporate practice and has both domestic and international experience in corporate restructuring and insolvency. The team closely works with the disputes practice on various contentious issues pertaining to the insolvency resolution process, including for filing applications for initiation of the resolution process on behalf of financial as well as operational creditors. With a keen sense of commercial knowledge, the Firm has the distinct advantage of being able to provide practicable legal solutions for optimising investments and recovery for its clients.

Select Experiences

  1. Advising and representing the Board of Control for Cricket in India (BCCI) in its insolvency proceedings against BYJU`s before the Supreme Court and National Company Law Tribunal (“NCLT”), Bengaluru.
  2. Advised and represented HDFC Limited (now merged with HDFC Bank) in the insolvency proceedings of IL&FS.
  3. Advised and represented the resolution professional in the insolvency proceedings of Supertech Limited.
  4. Advised a group of private sector banks on its acquisition of a stake in Yes Bank. The investment by the group of banks into Yes Bank was made pursuant to a Scheme of Reconstruction of Yes Bank notified by the Central Government.
  5. Advised the Committee of Creditors (“CoC”) on the insolvency proceedings of Binani Cement Limited, under the Insolvency and Bankruptcy Code, 2016 (“Code”).
  6. Advising the CoC on Adani’s acquisition of X BKC, which was being developed by Radius Estates and Developers, under the Code.
  7. Advised ACRE (an ARC promoted by Ares SSG Capital) in relation to the ongoing proceedings against various real estate developers forming part of the portfolio acquired from Altico Capital.
  8. Advising Clearwater Capital in relation to the ongoing proceedings under the Code against various real estate developers.
  9. Advised the consortium of lenders led by Bank of Baroda in one of the first resolutions under the Reserve Bank of India (“RBI”) circular dated June 7, 2019 for Garden Silk Mills Limited.
  10. Advised ACRE (an ARC promoted by Ares SSG Capital) on various issues pertaining to the resolution, recovery and repatriation of investment in the corporate insolvency resolution process (“CIRP”) of Bhushan Power and Steel Limited which was acquired by JSW Steel.
Key Partners
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Key Partners

Aastha

Partner

Aastha’s practice focuses on financing as well as corporate insolvency and...

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Adity Chaudhury

Partner

Adity is well known for her expertise in corporate and commercial laws and has...

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Arka Majumdar

Partner

Arka’s experience of over a decade in corporate transactions is both rich and...

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Krishnava Dutt

Managing Partner

Krishnava is the Founder and Managing Partner of Argus Partners and sits on the...

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Utkarsh Bandhu

Partner

Utkarsh is a seasoned debt lawyer with extensive experience in various banking and...

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Corporate Restructuring & Insolvency

  1. Advising and representing the Board of Control for Cricket in India (BCCI) in its insolvency proceedings against BYJU`s before the Supreme Court and National Company Law Tribunal (“NCLT”), Bengaluru.
  2. Advised and represented HDFC Limited (now merged with HDFC Bank) in the insolvency proceedings of IL&FS.
  3. Advised and represented the resolution professional in the insolvency proceedings of Supertech Limited.
  4. Advised a group of private sector banks on its acquisition of a stake in Yes Bank. The investment by the group of banks into Yes Bank was made pursuant to a Scheme of Reconstruction of Yes Bank notified by the Central Government.
  5. Advised the Committee of Creditors (“CoC”) on the insolvency proceedings of Binani Cement Limited, under the Insolvency and Bankruptcy Code, 2016 (“Code”).
  6. Advising the CoC on Adani’s acquisition of X BKC, which was being developed by Radius Estates and Developers, under the Code.
  7. Advised ACRE (an ARC promoted by Ares SSG Capital) in relation to the ongoing proceedings against various real estate developers forming part of the portfolio acquired from Altico Capital.
  8. Advising Clearwater Capital in relation to the ongoing proceedings under the Code against various real estate developers.
  9. Advised the consortium of lenders led by Bank of Baroda in one of the first resolutions under the Reserve Bank of India (“RBI”) circular dated June 7, 2019 for Garden Silk Mills Limited.
  10. Advised ACRE (an ARC promoted by Ares SSG Capital) on various issues pertaining to the resolution, recovery and repatriation of investment in the corporate insolvency resolution process (“CIRP”) of Bhushan Power and Steel Limited which was acquired by JSW Steel.
  11. Advised Tata Steel Limited, through its wholly-owned subsidiary Tata Steel Mining Limited, on its bid to acquire Rohit Ferro-Tech Limited under the Insolvency and Bankruptcy Code, and also, represented Tata Steel Limited in appealing the NCLAT’s decision condoning the delay in challenging Rohit Ferro’s resolution plan.
  12. Successfully advised L&T Finance on settlement with Tikona Infinet following NCLT proceedings.
  13. Advised Monnet Ispat & Energy Limited, in respect of which a resolution plan was approved. This was one of the first twelve largest cases referred by RBI for resolution under the Code. The company was acquired by JSW Steel which is one of the leading steel manufacturers in India along-with AION Capital.
  14. Advised International Asset Reconstruction Company (IARC), a Blackstone company, on the acquisition of a retail loan portfolio of HDFC Bank Limited.
  15. Advising the liquidator of Concast Steel & Power Limited. This is one of the largest liquidation cases under the Code with a total creditor claim in excess of Rs 10,000 crore. This is also one of the first cases wherein the ‘sale as a going concern of a unit of a company under liquidation’ as ordered by the NCLT.
  16. Represented Schreiber Dynamix Dairies Private Limited, a financial creditor of International Mega Food Park Limited before the National Company Law Appellate Tribunal (“NCLAT”), New Delhi in respect of its corporate insolvency.
  17. Advised the interim resolution professional of Bellarpur Industries Limited. It is one of the largest companies which has been admitted to the corporate insolvency resolution process.
  18. Advised one of the resolution applicants/ proposed acquirers who had bid for Adhunik Metaliks Limited, Adhunik Alloys & Power Limited, Orissa Manganese & Minerals Limited and Zion Steel Limited. We represented the largest asset reconstruction company and a private equity fund on the bid process.
  19. Advised one of the resolution applicants/ proposed acquirers who had bid for Electrosteel Steels Limited. This was also one of the first twelve largest cases referred by the RBI for resolution under the Code. We represented the largest asset reconstruction company and a private equity fund on the bidding process.
  20. Advised Tega Industries Limited on its resolution plan for acquisition of McNally Sayaji Engineering Limited under the aegis of the Code.
  21. Advising Piramal Capital in relation to insolvency proceedings under the Code against various real estate developers.
  22. Advised Standard Chartered Bank before NCLT in the insolvency and liquidation proceedings of Prag Distillery and Punj Lylod Limited.
  23. Advised the financial creditors on various issues in respect of the insolvency resolution process in the matters of Wind World (India) Limited (erstwhile Enercon India, one of the largest wind power companies), Deccan Chronicle Holdings Limited, Savemax Wholesale Club Private Limited and Metalyst Forgings Limited.
  24. Advised foreign insurers, foreign reinsurers and a foreign bank on the process of filing a claim under the Code, in the matter of Shilpi Cables Limited.
  25. Advised Edelweiss ARC on various issues pertaining to both primary and secondary investments in security receipts issued by the ARC’s trusts.
  26. Advised Bain Capital Credit and the asset reconstruction arm of IndiaRF (a distressed and special situations investment platform sponsored by Piramal Enterprises and Bain Capital Credit) on the acquisition of a loan against property (LAP) portfolio of Religare Finvest Limited. This is one of the largest full cash NPA portfolio acquisition deals in the retail sector in recent times.
  27. Advised and appeared on behalf of ACRE before the Supreme Court of India, NCLAT, New Delhi and NCLT, Kolkata in respect of the CIRP and the liquidation proceedings of Corporate Power Limited (a Special Purpose Vehicle of the Abhijeet Group, incorporated in the year 2006 to establish a Thermal Power Plant, to be established in two phases near a coal-mining area in Jharkhand, India).
  28. Advised and appeared on behalf of ACRE before the NCLT, New Delhi and NCLT, Mumbai in respect of the corporate insolvency resolution process of Hotel Horizon Private Limited.
  29. Advised and appeared on behalf of ACRE before the NCLAT, New Delhi in respect of the corporate insolvency resolution process of Ankit Metal & Power Limited (a company engaged in the business of iron and steel including manufacturing of sponge iron, pig iron, MS ingots and billets, pellets and a variety of superior quality rolled products).
  30. Advised and represented ACRE before the NCLT, New Delhi in respect of insolvency proceedings of Piyush IT Solutions Private Limited and Arena Superstructures Private Limited (companies engaged in real estate sector in Noida).
  31. Represented IIFL Wealth Limited and Piramal Finance Management Private Limited before the NCLT, Kolkata.
  32. Representing Vistra ITCL (India) Limited before the NCLT, Allahabad in respect of the CIRP of Wiztown Planners Private Limited (erstwhile entity of Lotus Green Construction Private Limited).
  33. Representing ICICI Bank Limited before the NCLT against BKM Industries Limited.
  34. Represented of ICICI Bank Limited in an appeal before the NCLAT, New Delhi challenging the computation of liquidation value attributable to ICICI Bank Limited in a resolution plan approved by the NCLT, Kolkata.
  35. Advising BTL EPC Limited in acquiring control over McNally Bharat Engineering Company Limited through resolution of insolvency route and advising on implementation of the resolution plan.
  36. Advising Piramal Critical Care INC in respect of initiation of insolvency resolution proceedings against Astral SteriTech Private Limited under Section 9 of the Code, for a claim aggregating to approximately USD 6 million.