9 September 2020
Restructuring & Insolvency Deal Of The Year: Essar Steel
James Wilson, commercial editor, IFLR said of Acuity Law’s Restructuring & Insolvency Deal of the Year award: “Acuity Law, led by founding partner Souvik Ganguly and head of disputes practice, Gautam Narayan, advised Japan’s Nippon Steel in relation to the restructuring and acquisition Essar Steel. The case was a landmark M&A transaction and restructuring for India and won the IFLR1000 2020 Restructuring Deal of the Year Award. It was India’s largest insolvency recovery to date.
The transaction had to align Nippon Steel and ArcelorMittal behind a single joint bid for Essar Steel, execute a restructuring of Essar Steel and find closure against a new and evolving legal backdrop.
The process and the resolution plan were challenged by dissenting financial creditors, operational creditors, and Essar Steel promoters before the National Company Law Tribunal, National Company Law Appellate Tribunal, and Supreme Court. It resulted in precedent-setting Supreme Court decisions regarding resolution applicants under the Insolvency and Bankruptcy Code (IBC), the primacy of the committee of creditors, and how to distribute proceeds and treat secured and unsecured creditors.
Acuity Law’s work for Nippon Steel included conducting legal due diligence on Essar Steel and advising on various aspects of the IBC. It is a marquee transaction for Acuity Law, which was only established in 2011 and has a dedicated Japan Desk.”
Ben Naylor, editor, IFLR1000 said of the India Awards: “Launching our India Awards was an easy decision as the sophistication of legal work being done in the country has been evident to us through our research for years. What we couldn’t guarantee was how the awards would be received, but the level of engagement from the local market – particularly given this incredibly challenging year – has been outstanding.
The complexity and volume of work submitted to us made the judging challenging but ultimately it was a highly rewarding process as we are able to recognise some incredibly talented lawyers and firms.
Congratulations to all shortlisted firms and winners, without your high-quality work and your engagement these awards wouldn’t be possible.”
To see the full announcement for the awards please visit:
To see the full list of shortlisted please visit:
https://iflr1000.com/NewsAndAnalysis/IFLR1000-India-Awards-shortlists-published/Index/11242
to see the full list of winners please visit:
https://iflr1000.com/NewsAndAnalysis/IFLR1000-India-Awards-winners-announced/Index/11397
Full a full explanation of the process and methodology please visit IFLR1000’s:
https://www.iflr1000.com/NewsAndAnalysis/IFLR1000-research-guidelines/Index/10066
