Khaitan & Co acted as legal counsel for Reliance Industries and Assets Care & Reconstruction Enterprise in their resolution plan to acquire textiles maker Sintex Industries under corporate insolvency.
The resolution plan involved payment of INR36 billion (USD440 million) to Sintex’s creditors, and the delisting of its equity shares and foreign currency convertible bonds.
Khaitan’s primary role involved drafting and finalisation of the resolution plan, negotiating with the resolution professional and committee of creditors, attending National Company Law Tribunal hearings on behalf of the resolution applicants and implementation of the resolution plan.
The core team consisted of partners Kumar Saurabh Singh and Rahul Chakraborti, principal associates Vishnu Shriram, Savni Tewari and Ashwij Ramaiah, senior associate Pratiksha Agrawal, and associates Prashamsha Tulachan and Rohitesh Tak.
Partners Bhavik Narsana, Rahul Dutt, Kingshuk Banerjee, Ahana Sinha, Deepak Kumar and Nayantara Kutty advised on due diligence and implementation aspects of the plan. Counsel Hetal Thakkar, principal associate Jessica Gandhi, senior associates Shayan Dasgupta and Deeksha Malik, and associates Saumya Agarwal, Hansaja Pandya, Kritika Parakh, Nidhi Kulkarni and Akash Mukherjee supported the due diligence and implementation team.
Partner Devendra Deshmukh and principal associate Rishabh Vora advised on real estate aspects. Executive director Sudhir Bassi and partner Vaibhav Mittal advised on delisting issues. Partner Nishad Nadkarni, principal associate Reshma Gupte and senior associate Udita Kanwar advised on IP-related matters.