Shardul Amarchand Mangaldas & Co. advises Committee of Creditors of UGML in the corporate insolvency resolution (CIR) process

January 13, 2021

Shardul Amarchand Mangaldas & Co. (“SAM & Co.”) advised the Committee of Creditors of Uttam Galva Metallics Limited (“UGML”) led by State Bank of India in the corporate insolvency resolution process and the process of implementation of the resolution plan of UGML, which had defaulted, on loans of the financial creditors amounting approximately to INR 3600 Crores. The deal is valued at INR 1330 crores. The date of closing of the implementation of the resolution plan was 29 December 2020.

SAM & Co. advised the Committee of Creditors of UGML inter alia on legal compliance of the resolution plans, aspects related to the rights of the financial creditors in terms of the resolution plans received for UGML, including from the successful resolution applicants (i.e. the consortium of CarVal Investors and Nithia Capital Resources Advisors LLP & Mr. Jai Saraf), disputes related to the resolution plan approved by the Committee of Creditors and implementation thereof.

The transaction team was led by Soummo Biswas, Partner; Shivani Sinha, Principal Associate; Swati Lal, Senior Associate; Suktika Banerjee, Associate; and Apeksha, Associate. The corporate team was led by Yogesh Chande, Partner; and Preeti Kapany, Associate. The litigation team was led by Misha, Partner; Meghna Rajadhyaksha, Partner; Vaijayant Paliwal, Principal Associate; Radhika Indapurkar, Senior Associate; Mahima Sareen, Senior Associate and Kirti Kalyani, Associate.

AZB & Partners, Cyril Amarchand Mangaldas & Co. and Khaitan and Co. advised consortium of Carval Investors and Nithia Capital Resources Advisors LLP & Mr. Jai Saraf. J. Sagar Associates advised Mr. Rajiv Chakraborty, the Resolution Professional of UGML and the Monitoring Agency of UGML. Talwar Thakore & Associates, Rashmikant & Partners advised consortium of Investment Opportunities IV Pte Ltd., Synergy Metals and Mining Fund LLP and Art Special Situation Finance (India) Limited (unsuccessful resolution applicants). Trilegal advised Noble Resources International Pte Ltd (the operational creditor).