Lenders assign GSML debt to ARC

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Argus Partners advised a Garden Silk Mills (GSML) consortium of lenders, led by Bank of Baroda, on the resolution of its stressed assets and account under the Reserve Bank of India’s (RBI) circular dated 7 June 2019.

As part of the resolution plan, the lenders of GSML assigned the consortium debt of ₹16 billion (US$221 million) in favour of an asset reconstruction company (ARC), including the auction process for selecting the proposed assignee.

This was of significance as one of the first few resolutions under the RBI’s 7 June circular. This circular replaced the earlier circular issued by the RBI on 12 February 2018, which was deemed unconstitutional by the Supreme Court. It was one of the most highlighted issues in the banking space in 2019, Aastha, Argus Partners’ lead partner on the insolvency, told India Business Law Journal.

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