Shardul Amarchand Mangaldas & Co. advises DZ Bank AG, Frankfurt in the corporate insolvency resolution process of Sintex Industries Limited
May 4, 2023
Shardul Amarchand Mangaldas & Co. advised DZ Bank AG, Frankfurt (as offshore ECB lender) in relation to its exposure to Sintex Industries Limited (Sintex) which was undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
SAM & Co. team assisted DZ Bank AG through the CIRP of Sintex in the insolvency claim submission, meetings with the Committee of Creditors (CoC), review of resolution plans, implementation of the selected and approved resolution plan, distributions of lender payouts and provided ongoing legal advice from an insolvency, regulatory and foreign exchange perspective.
The resolution plan submitted by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Limited was approved on February 10, 2023 which involved payment of approximately INR 3,600 crores to the creditors of Sintex Industries Limited.
The transaction team was led by Veena Sivaramakrishnan, Partner; Soummo Biswas, Partner; Parth Gokhale, Partner; Dhananjai Charan, Principal Associate; and Yash Kahandole, Senior Associate. The litigation team was led by Grishma Ahuja, Principal Associate; and Shalin Jani, Senior Associate.
Khaitan & Co. acted as legal counsel for the successful resolution applicant i.e. Reliance Industries Limited and Assets Care & Reconstruction Enterprise. JSA acted as legal counsel for the Committee of Creditors of Sintex on the legal aspects.
The Bar Council of India does not permit solicitation of work and advertising by legal practitioners and advocates. By accessing the Shardul Amarchand Mangaldas & Co. website (our website), the user acknowledges that:
The user wishes to gain more information about us for his/her information and use. He/She also acknowledges that there has been no attempt by us to advertise or solicit work.
Any information obtained or downloaded by the user from our website does not lead to the creation of the client – attorney relationship between the Firm and the user.
None of the information contained in our website amounts to any form of legal opinion or legal advice.
All information contained in our website is the intellectual property of the Firm.