Shardul Amarchand Mangaldas & Co (SAM) advised IndusInd Bank in granting financial assistance to the Duet India Hotels chain for its entities in Pune, Jaipur, Ahmedabad, Chennai and Hyderabad.
Legal counsel involved advice on refinancing the existing loans obtained from L&T Finance in a deal valued at USD38 million.
The SAM transaction team consisted of partner Debashree Dutta, principal associate Arijit Sarkar, senior associate Nainesh Singh and associates Aparna Arya and Jeetu Tolani.
“This was a complex and arduous deal,” said Dutta who was the lead on the matter. “[It] involved the drafting of a multitude of documents – not only from entities incorporated in multiple foreign jurisdictions and for various kinds of securities/charge created over various assets.
“We had to ensure that legally all these documents are seamlessly tied together, so that lenders rights are well protected and at the same time it’s reasonable to the borrowers.”
The ultimate sponsor of Duet India Hotels is Asiya Capital Investment Company, which was incorporated in 2005 by way of an amiri decree in Kuwait and has investment from the sovereign wealth fund, the Kuwait Investment Authority.