Shardul Amarchand Mangaldas & Co. advises the committee of creditors of Odisha Slurry Pipeline Infrastructure Limited
July 18, 2020
Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors of Odisha Slurry Pipeline Infrastructure Limited (OSPIL) in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, and in the subsequent implementation of the approved resolution plan submitted by ArcelorMittal India Private Limited.
The approved resolution plan provided for 100% repayment of the principal debt due to each of the financial creditors of OSPIL. The aggregate payout under the resolution plan was approximately Rs. 2360 crores. The substantial rate of recovery received under the resolution plan is an exception to the present trend of lenders having to accept significant haircuts in recoveries under the insolvency process. The transaction team was led by Soummo Biswas, Partner; Sagar Manju, Principal Associate; Parth Gokhale, Senior Associate; Swati Lal, Senior Associate; Charu Misra, Senior Associate; Suktika Banerjee, Associate; Lishaka Gulati, Associate; and Apeksha, Associate.
The Litigation team was led by Misha, Partner; Siddhartha Datta, Partner; Siddhant Kant, Senior Associate; Vaijayant Paliwal, Senior Associate; Suhani Dwivedi, Senior Associate; Sakabda Roy, Senior Associate; Deepanjan Dutta Roy, Associate; and Jasveen Kaur, Associate.
The Corporate Advisory Team was led by Yogesh Chande, Partner; and Preeti Kapany, Associate.
Ashish Chhawchharia of GT Restructuring Services LLP acted as the Resolution Professional of OSPIL.
Equilex advised the Resolution Professional of OSPIL
L&L Partners Law Offices and S&R Associates advised ArcelorMittal India Private Limited.
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.