Cyril Amarchand Mangaldas (CAM) advised Indian Banks’ Association (“IBA”) with the preparation of the revised draft of the model Assignment Agreement for transfer / assignment of financial assets by Banks & Financial Institutions, and model Trust Deed in respect of holding of the assigned loan assets by the Asset Reconstruction Companies (“ARCs”) in a trust and issuance of Security Receipts.
CAM played a significant role alongside drafting new models for Assignment Agreements and Trust Deeds, whereby the firm supported IBA by facilitating discussions with the Association of ARC’s and leading banks. This collaboration addressed key industry challenges in loan assignment transactions, ensuring that the insights gained were effectively integrated into the model drafts.
The Banking, Corporate & Structured Finance team of Cyril Amarchand Mangaldas advised on the matter. The team was led by Abhishek Mukherjee, Partner; with support from Tushar Kumar, Associate; and Bhavit Baxi, Associate;
The transaction was completed under the overall guidance of Amey Pathak, Partner & Head Banking
Other parties and advisors to the transaction included State Bank of India, acted as bank; ICICI Bank Limited , acted as bank; Association of ARCs in India, acted as assignee transfer.
The transaction was signed on 4th December 2023 and closing was done on 12th May 2024. _____________________________________________
About Cyril Amarchand Mangaldas
Cyril Amarchand Mangaldas(cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds,start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. The Firm is one of the largest full-service law firm in India and offices in key business centers at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, Singapore and Abu Dhabi.
The Firm received “National Law Firm of the Year: India” at the IFLR Asia-Pacific Awards for the second consecutive years in 2023 and 2022 and “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2022.
