CAM assists JSW Steel’s acquisition of distressed company

Cyril Amarchand Mangaldas JSW NSAI acquisition

Cyril Amarchand Mangaldas (CAM) has acted for JSW Steel Coated Products to acquire National Steel & Agro Industries, which is undergoing the corporate insolvency resolution process.

CAM’s legal teams – specialising in insolvency, dispute resolution, general corporate matters and competition – assisted JSW Steel in navigating the submission and execution of a resolution plan for National Steel. The Mumbai bench of the National Company Law Tribunal (NCLT) approved the plan on 19 May for JSW Steel to acquire 100% of National Steel for an undisclosed sum.

Partners L Viswanathan, Madhav Kanoria and Spandan Biswal led the transaction team, with support from principal associate Surbhi Pareek, senior associate Jeta Shree and associate Parnika Jain.

Partners Smruti Shah and Soumya Srivastava led the team dealing with due diligence matters, with the assistance of principal associate Shashank Ugrankar, senior associate Gauri Devpura and senior associate designate Utkarsh Mankad.

Partners Animesh Bisht and Saloni Kapadia, along with associate Karan Sangani, dealt with dispute-related aspects of the transaction.

Partner Gautam Gandotra’s team provided advice on delisting-related matters concerning the execution of the resolution plan. Principal associate Arnav Shah, and associates Shubhangi Agarwal and Shreya J, assisted Gandotra.

Partner Dhruv Rajain advised on competition law.

Lex Aeterna Law Firm advised the resolution professional and JM Financial Asset Reconstruction Company, a member of the committee of creditors.