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CAM advises on INR 33000 crore CIRP of SREI Infrastructure and SREI Equipment

Cyril Amarchand Mangaldas (CAM) advised and represented National Asset Reconstruction Company Limited (“NARCL”) and India Det Resolution Company Limited (“IDRCL”) in connection with their consolidated resolution plan for SREI Infrastructure Finance Limited (“SIFL”) and Srei Equipment Finance Limited (“SIFL”) (collectively referred to as “Target Companies”), undergoing corporate insolvency resolution process (“CIRP”) under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (“Code”). Both the Target Companies are systemically important-non-deposit taking, non-banking financial companies, with SEFL being a wholly owned subsidiary of SIFL.

The Insolvency and Restructuring, Disputes, General Corporate and Competition Law Practices of Cyril Amarchand Mangaldas advised on the matter.

The Transaction Team was led by Dhananjay KumarPartner; with support from Annie JainPrincipal Associate; and Jayesh KarnawatAssociate; under the overall supervision of Amey PathakPartner & Co-Head Banking and Finance.

The implementation of the Resolution Plan was led by Surya SreenivasanPartner; with support from Nandita MenonPrincipal Associate; Annie JainPrincipal Associate; Medha Rao, Senior Associate; Jayesh KarnawatAssociate; Sneha SharmaAssociate; Vihit ShahAssociate; under the overall supervision of Dhananjay Kumar, Partner

Diligence Team was led by Dhananjay KumarPartner; and Harita RaoConsultant;  with support from Jayesh KarnawatAssociate; Tushar KumarAssociate; Parnika JainAssociate; and Khushi MaheshwariAssociate.

The Litigation Team at the NCLT was led by Dhananjay KumarPartner ; with support from Anush MathkarPrincipal Associate; Annie JainPrincipal Associate; Jayesh KarnawatAssociate; and Vivek SharmaAssociate

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The Litigation Team at the NCLAT was led by Raunak DhillonPartner, with support from Anush MathkarPrincipal Associate; Annie JainPrincipal Associate, Jayesh KarnawatAssociate; and Nihaad DewanAssociate;  under the overall supervision of Dhananjay KumarPartner. 

Employment advisory was provided by Bharath ReddyPartner;  with support from Dipti KhatriAssociate; and Abhishek JainAssociate.

Competition law advisory was provided by Vijay Pratap Singh ChauhanPartner;  with support from Rajat SharmaAssociate and Chandrika Bothra, Associate

As a part of the matter , on October 4, 2021, the Reserve Bank of India superseded the board of directors of the Target Companies and appointed Mr. Rajneesh Sharma as the Administrator (“Administrator”). Subsequently, upon applications filed by the RBI, the Hon’ble National Company Law Tribunal, Kolkata Bench (“NCLT”) commenced the CIRPs of the Target Companies. On account of various synergies and commonalities in the business and affairs of the Target Companies and upon an application filed by the Administrator, the Hon’ble NCLT vide order dated February 14, 2022, inter-alia approved the consolidation of CIRPs of the Target Companies and directed the Administrator to constitute a unitary and integrated committee of creditors to conduct their CIRPs (“CoC”).

Subsequently, the resolution plan submitted by NARCL (“Resolution Plan”) was approved by the CoC on February 14, 2023 by a majority of 89.25% voting share. The Resolution Plan was thereafter approved by the Hon’ble NCLT vide order dated August 11, 2023.

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The Firm advised and represented NARCL and IDRCL through the CIRP culminating into the approval of the Resolution Plan by the Hon’ble NCLT and thereafter, its successful implementation.

The Firm conducted due diligence of the Target Companies and drafted, negotiated, and advised on the Resolution Plan. The Firm also represented NARCL in various court proceedings before the Hon’ble NCLT leading up to the successful approval of the resolution plan by the Hon’ble NCLT. the Hon’ble NCLAT and the Hon’ble Supreme Court.

Since the approval of the Resolution Plan, the Firm has advised on the implementation of the Resolution Plan, which entailed drafting and negotiating the definitive documentation, advising on secretarial compliances for implementation, applying to the appropriate regulatory authorities such as the Reserve Bank of India, the Competition Commission of India, the stock exchanges, inter alia, seeking necessary approvals for implementation of the steps under the Resolution Plan.

Other parties and advisors to the transaction included Mr. Rajneesh Sharma (acted as administrator for SREI Infrastructure Finance Limited and Srei Equipment Finance Limited); SBI Capital Markets Limited (acted as financial advisor for Committee of Creditors); and Ernst & Young (acted as transaction advisor for administrator)

The signing date was 18th January 2023; and closed by 8th December 2023.

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