Shardul Amarchand Mangaldas advises Bhushan Power and Steel Limited in corporate insolvency resolution
September 6, 2019
Shardul Amarchand Mangaldas & Co (SAM & Co) has advised the resolution professional of Bhushan Power and Steel Limited (BPSL), Mr. Mahender Kumar Khandelwal and his team, in the corporate insolvency resolution process of BPSL. This is among the top 12 large stressed assets referred by Reserve Bank of India to banks for initiation of corporate insolvency resolution process.
Out of the resolution plans received for BPSL (i.e., resolution plans submitted by Tata Steel Limited, JSW Steel Limited and Liberty House Group Pte Limited), the resolution plan of JSW Steel Limited was approved by the committee of creditors in October 2018 and has now been accorded the approval of the National Company Law Tribunal (NCLT), Principal Bench, New Delhi vide the judgment delivered by it today; i.e., September 05, 2019.
SAM & Co has been advising the resolution professional since the commencement of the corporate insolvency resolution process on all matters related to the process including the legal issues pertaining to verification of claims, corporate compliances, review of resolution plans, negotiations with the resolution applicants and opining on various legal issues being faced by the resolution professional.
SAM & Co team has also appeared for the resolution professional and assisted the courts in the several litigations matters arising at various stages of the process, including applications filed by the promoters, operational creditors, competing resolution applicants, statutory authorities, etc.
The transaction team that formed part of the corporate insolvency resolution advisory was led by Mr. Shardul Shroff, Executive Chairman and included Mr. Anoop Rawat, Partner, Mr. Saurav Panda, Principal Associate and Mr. Shreyas Gupta, Associate.
The litigation team handling the court-process in relation to the corporate insolvency resolution process included Ms. Misha, Partner, Mr. Shantanu Chaturvedi, Senior Associate and Ms. Charu Bansal, Associate.
The total debt (including financial debt and operational debt) being resolved is around Rs. 49,718.83 crores and the total amount being paid to the creditors is INR 19,894.86 Crores approximately.
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