Shardul Amarchand Mangaldas & Co, AZB & Partners, and Khaitan & Co have acted on the successful implementation of a ₹1,800 crore resolution plan in the Corporate Insolvency Resolution Process of Vadraj Cement Limited.
The resolution applicant, Nuvoco Vistas Corporation Limited, a part of the Nirma Group—undertook the acquisition through its wholly owned subsidiary Vanya Corporation Limited.
SAM advised the Committee of Creditors, led by Punjab National Bank, on this this CIRP.
The transaction team was led by Soummo Biswas (Partner), Parth Gokhale (Partner), Yugal Jain (Principal Associate), Ritika Sharma (Associate) and Amandeep Saini (Associate).
AZB & Partners advised the Resolution Professional, Pulkit Gupta, on legal aspects.
The transaction team comprised of Partner Suharsh Sinha, Partner Amrita Sinha, Senior Associate Kushagra Pandey, and Associates Rahul Thomas, Idhika Agarwal and Rashi Priya - with support on all on-going litigations in Mumbai and Delhi from Senior Partner Anindita Roy Chowdhury, Partner Vivek Shetty, Senior Associates Aditi Bhansali, Nishant Upadhyay, Associates Akilesh Menezes, Sushrut Garg and Aditi Nazre.
The team was supported by Associates Simrann Venkkatesan, Shambhavi Shivdikar, Swagata Mukhopadhyay, Vishal Choudhary, Jigme Palzer Tshering and Articled Clerk Manann Bhoota on the due diligence, by Partner Qais Jamal and Associate Prashant Munshi on mining related aspects; by Partner Aditya Singh Chandel and Associate Akshat Jain on tax-related matters; by Partner Ajay Singh Solanki on employment-related matters.
Co-Founder & Senior Partner Bahram Vakil and Senior Partner Nilang T. Desai provided tactical guidance.
Khaitan & Co advised the resolution applicant, Nuvoco Vistas Corp, on legal aspects.
The core team consisted of Mehul Shah (Partner), Rajeev Vidhani (Partner), Vishnu Shriram (Partner), Riya Agicha (Principal Associate), Swetha Shankaran (Principal Associate) and Aaryan Mohan (Associate) assisted Nuvoco in the preparation, approval and implementation of the resolution plan.
Manavendra Mishra (Partner), Royden Proto Fernandes (Principal Associate) and Amol Jhunjhunwala (Senior Associate) assisted Nuvoco in moving the Special PMLA Court in Mumbai to successfully restore the assets of Vadraj Cement Limited attached by the Enforcement Directorate, Mumbai in the ILFS proceedings.
Shivanshu Thaplyal (Partner), Ayushi Chaudhary (Senior Associate) and Simran Sabharwal (Associate) advised on regulatory aspects concerning the mining aspects of Vadraj Cement's business.
Peshwan Jehangir (Partner) and Haabil Vahanvaty (Principal Associate) provided litigation support on various legs of the matter.
Abhiraj Gandhi (Partner), Ashwij Ramaiah (Principal Associate), Ekta Sawant (Principal Associate), Unnita Bhattacharya (Principal Associate), Amit Panwar (Senior Associate), Hansaja Pandya (Senior Associate), Priyal Reddy (Senior Associate), Shivani Devpura (Senior Associate), Akash Mukherjee (Associate), Anmol Sharma (Associate) and Khushi Sharma (Associate) assisted in conducting pre-acquisition diligence on Vadraj.
This acquisition increases Nuvoco Vistas Corp’s total cement production capacity to approximately 31 million metric tonnes per annum, making it the fifth largest cement producer in India and further consolidates its presence in the sector.
The deal marked the successful resolution of a long-standing distressed asset and demonstrated the effectiveness of coordinated legal and commercial strategy in complex insolvency proceedings.
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