Cyril Amarchand Mangaldas advised and represented JSW Steel Coated Products Limited (JSW Steel Coated Products) in connection with the submission and implementation of a resolution plan for National Steel & Agro Industries Limited (“Target Company” or “Corporate Debtor”), a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”).
The Insolvency, Dispute Resolution, General Corporate, and Competition Practices of Cyril Amarchand Mangaldas (CAM) advised and represented JSW Steel Coated Products in relation to submission and implementation of the resolution plan in relation to the Corporate Debtor (“Resolution Plan”), which was approved by the Mumbai Bench of the NCLT, by an order dated May 19, 2023. The scope of work included advising and representing JSW Steel Coated Products during the entire resolution process, culminating into successful implementation of the Resolution Plan. The CAM team conducted due diligence of the Corporate Debtor, drafted and negotiated the Resolution Plan and definitive documents, advised on the investment structure and implementation of the Resolution Plan
The overall transaction was completed under the guidance of L. Viswanathan, Partner (Chair – Finance, Projects & Insolvency);
Madhav Kanoria, Partner; and Spandan Biswal, Partner; with support from Surbhi Pareek, Principal Associate; Jeta Shree, Senior Associate; and Parnika Jain, Associate; advised JSWSCPL on the drafting, submission, negotiation, and implementation of the Resolution Plan.
The legal diligence was led by Smruti Shah, Partner; Soumya Srivastava, Partner; with support from Shashank Ugrankar, Principal Associate; Gauri Devpura, Senior Associate; and Utkarsh Mankad, Senior Associate Designate.
Animesh Bisht, Partner; Saloni Kapadia, Partner; with support from Karan Sangani, Associate; advised on the disputes related aspects of the transaction.
Gautam Gandotra, Partner; with support from Arnav Shah, Principal Associate; Shubhangi Agarwal, Associate; and Shreya J, Associate; advised on delisting related aspects pertaining to implementation of the Resolution Plan.
Dhruv Rajain, Partner; advised on the competition law related aspects of the transaction.
The Resolution Plan was implemented on May 24, 2023. Pursuant to the implementation of the Resolution Plan, JSW Steel Coated Products has acquired 100% equity shares of the Target Company.
Other parties to the transaction included Lex Aeterna Law Firm (acted as advisor for Resolution Professional) and JM Financial Asset Reconstruction Company Limited (member of the Committee of Creditors).
The Resolution Plan was approved on 19th May 2023 and successfully implemented on 24th May 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 170 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.
