Shardul Amarchand Mangaldas & Co. advises DZ Bank AG, Frankfurt in the corporate insolvency resolution process of Sintex Industries Limited

May 5, 2023

Shardul Amarchand Mangaldas & Co. advised DZ Bank AG, Frankfurt (as offshore ECB lender) in relation to its exposure to Sintex Industries Limited (Sintex) which was undergoing corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

SAM & Co. team assisted DZ Bank AG through the CIRP of Sintex in the insolvency claim submission, meetings with the Committee of Creditors (CoC), review of resolution plans, implementation of the selected and approved resolution plan, distributions of lender payouts and provided ongoing legal advice from an insolvency, regulatory and foreign exchange perspective.

The resolution plan submitted by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Limited was approved on February 10, 2023 which involved payment of approximately INR 3,600 crores to the creditors of Sintex Industries Limited.

The transaction team was led by Veena Sivaramakrishnan, Partner; Soummo Biswas, Partner; Parth Gokhale, Partner; Dhananjai Charan, Principal Associate; and Yash Kahandole, Senior Associate. The litigation team was led by Grishma Ahuja, Principal Associate; and Shalin Jani, Senior Associate.

Khaitan & Co. acted as legal counsel for the successful resolution applicant i.e. Reliance Industries Limited and Assets Care & Reconstruction Enterprise. JSA acted as legal counsel for the Committee of Creditors of Sintex on the legal aspects.