L&L Partners advised State Bank of India in a one-time restructuring of outstanding loans of about INR200 billion (USD2.69 billion) of Shapoorji Pallonji & Company. Desai & Diwanji advised Shapoorji Pallonji & Company, which is the holding company of the Shapoorji Pallonji group of companies.
The deal was signed on 31 March. L&L Partners said the transaction took place under tight timelines to meet stringent regulatory sunset periods.
The firm’s team was led by partner Satadru Goswami and comprised associates Aryadevi, Devashree Limaye and Priyambada Datta. Partner Vaibhav Suri and senior associate Urjita Chitnis advised on real estate aspects, while associate Pavishka Mittal assisted with the closing process and execution of deal documents.
The transaction is one of the first, and the largest, one-time restructurings to take place under the resolution framework for covid-19-related stress introduced in a 6 August 2020 Reserve Bank of India circular. It involved the restructuring of the debt of more than 22 banks and lenders.