Cyril Amarchand Mangaldas acted as legal counsel for Adani Ports And Special Economic Zone Limited (APSEZ), in relation to the acquisition of Karaikal Ports Private Limited (KPPL), a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC), for an aggregate purchase consideration of INR 1485 crore (Transaction). KPPL has developed and is operating an all-weather deep-water port under a Build, Operate and Transfer format in terms of the concession awarded by the Government of Puducherry under a Concession Agreement, dated January 25, 2006.
The Insolvency and Disputes Resolution Practices of Cyril Amarchand Mangaldas advised APSEZ on the Transaction. The scope of work included assistance in drafting, negotiation , and implementation of resolution plan, representing APSEZ before the Chennai Bench of National Company Law Tribunal (“Adjudicating Authority”) for approval of Resolution Plan, and its successful implementation. The transaction was completed under overall guidance of L. Viswanathan, Partner (Chair – Finance, Projects & Insolvency).
Dhananjay Kumar, Partner; Abhishek Mukherjee, Partner; with support from Harsh Rathi, Associate; and Tushar Kumar, Associate; advised on the Transaction including structuring, drafting, negotiation and approval of the Resolution Plan submitted by APSEZ.
Edward James, Partner; Abhishek Mukherjee, Partner; with support from Vedantha Sai, Associate; and Harsh Rathi, Associate; advised and represented APSEZ before the Adjudicating Authority in proceedings for approval of the Resolution Plan.
The Resolution Plan submitted by APSEZ was approved by the Adjudicating Authority on March 31, 2023. Pursuant to approval of the Resolution Plan, APSEZ has acquired 100% equity shares of KPPL.
Other parties and advisors to the transaction included Mr. Rajesh Sheth, being the RP, Deloitte India (acted as process advisor to the RP) , Saraf and Partners (acted as legal advisor to RP), and Omkara Assets Reconstruction Private Limited (acted as member of the CoC), Singhi & Co. (acted as Indian legal counsel for CoC), Senior Advocate Shri P. S. Raman (arguing counsel for APSEZ), Senior Advocates Shri Gopal Jain and Shri Satish Parasaran (arguing counsels for CoC), Senior Advocate Om Prakash (arguing counsel for RP) and Advocate P. Giridharan (arguing counsel for RP).
The matter closed on 1st April 2023.
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. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. 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 2021.
