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Mumbai (Maharashtra)/ New Delhi [India], April 11 (ANI/BusinessWire India): 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 Rs 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 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. This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)
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