Shardul Amarchand Mangaldas advises IDBI Bank Limited to assign stressed loans to IVRCL Chengapalli Tollways Limited and Assets Care & Reconstruction Enterprise Limited
January 7, 2022
Shardul Amarchand Mangaldas & Co. advised IDBI Bank Limited to assign stressed loans to IVRCL Chengapalli Tollways Limited to Assets Care & Reconstruction Enterprise Limited (“ACRE”) via Consortium of banks comprising of Karur Vysya Bank, Union Bank of India, State Bank of India, and Bank of Baroda (“Consortium”). The deal is valued at USD 67.8 million approximately. The date of closing was 10 November 2021.
It is the first assignment and transfer of stressed assets transaction under the Master Directions.
The transaction team was led by Deepto Roy, Partner; Soummo Biswas, Partner; Pranav Nanda, Senior Associate; Shubham Sharma, Senior Associate; and Archis Choudhary, Associate.
Khaitan & Co advised the Assets Care & Reconstruction Enterprise Limited.
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