Shardul Amarchand Mangaldas & Co. advises the committee of creditors of Odisha Slurry Pipeline Infrastructure Limited

July 18, 2020

Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors of Odisha Slurry Pipeline Infrastructure Limited (OSPIL) in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, and in the subsequent implementation of the approved resolution plan submitted by ArcelorMittal India Private Limited.

The approved resolution plan provided for 100% repayment of the principal debt due to each of the financial creditors of OSPIL. The aggregate payout under the resolution plan was approximately Rs. 2360 crores. The substantial rate of recovery received under the resolution plan is an exception to the present trend of lenders having to accept significant haircuts in recoveries under the insolvency process. The transaction team was led by Soummo Biswas, Partner; Sagar Manju, Principal Associate; Parth Gokhale, Senior Associate; Swati Lal, Senior Associate; Charu Misra, Senior Associate; Suktika Banerjee, Associate; Lishaka Gulati, Associate; and Apeksha, Associate.