Shardul Amarchand Mangaldas & Co. advises Committee of Creditors in the Corporate Insolvency Resolution Process of Uttam Value Steels Limited (UVSL)

February 8, 2021

Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors of UVSL led by State Bank of India in the corporate insolvency resolution (CIR) process of UVSL which had defaulted on loans of the Financial Creditors amounting approximately to INR 2500 Crores. The resolution plan for UVSL submitted by a consortium of Carval Investors and Nithia Capital Resources Advisors LLP was approved by the National Company Law Tribunal, Principal bench, camped at Chennai on May 06, 2020. The deal is valued at USD 130 Million. The date of closing of the implementation of the resolution plan was 29 December 2020.

The transaction team was led by Soummo Biswas, Partner; Shivani Sinha, Principal Associate; Swati Lal, Senior Associate; Suktika Banerjee, Associate; Apeksha, Associate.

The Corporate advisory team on the deal comprised of Yogesh Chande, Partner; and Preeti Kapany, Associate. The Litigation team on the deal comprised of Misha, Partner, Ms. Meghna Rajadhyaksha, Partner, Mr. Vaijayant Paliwal, Principal Associate, Ms. Radhika Indapurkar, Senior Associate, Ms. Mahima Sareen, Senior Associate and Ms. Kirti Kalyani, Associate.

AZB & Partner, Cyril Amarchand Mangaldas & Co. and Khaitan and Co. advised consortium of Carval Investors and Nithia Capital Resources Advisors LLP.– J. Sagar Associates advised Mr. Rajiv Chakraborty, the resolution professional. J. Sagar Associates also advised the Interim Monitoring Committee. Talwar Thakore & Associates and Rashmikant & Partners advised consortium of SSG Capital, Synergy Metals and Mining Fund LLP and Art Special Situation Finance (India) Limited. Thakordas & Madgavkar advised Operational Creditor Jatia group of companies.