Shardul Amarchand Mangaldas & Co. advises Mahender Kumar Khandelwal to amalgamate Bhushan Power and Steel Limited with Makler Private Limited, a JSW Steel wholly owned subsidiary

August 31, 2021

Shardul Amarchand Mangaldas & Co. advised Mahender Kumar Khandelwal to amalgamate Bhushan Power and Steel Limited with Makler Private Limited, a JSW Steel wholly owned subsidiary. Post the closing date the amalgamated company will be vested in Piombino Steel Limited, another JSW Steel wholly owned subsidiary. The date of closing was 26 March 2021.

This was one of the initial 12 large matters referred to insolvency pursuant to RBI’s intervention in June 2017 which has concluded with the implementation of the resolution plan of JSW Steel Limited. Financial debts of Rs. 47,158 crores were resolved in the process with the upfront payment under the resolution plan of INR 19,350 Crore. In the series of litigations emanating from the corporate insolvency resolution process, amongst others, the jurisprudence regarding the immunity of the corporate debtor and the new management from past offences of the corporate debtor and earlier management has been established.

The corporate insolvency resolution advisory and transaction team was led by Anoop Rawat, Partner, Saurav Panda, Partner and Shreyas Gupta, Principal Associate. The insolvency related litigations before NCLT, NCLAT and Supreme Court was handled by Misha, Partner, Vaijayant Paliwal, Principal Associate, Charu Bansal, Senior Associate, Nikhil Mathur, Senior Associate and Prabh Simran Kaur, Associate. The corporate compliance was handled by Rohan Jain, Partner and Kshitij Arora, Senior Associate. The Enforcement Directorate related proceedings were handled by Shantanu Tyagi, Principal Associate and Nimrah Alvi, Senior Associate. The indirect tax matters were handled by Rajat Bose, Partner and Rishi Garg, Senior Associate. Matters related to Odisha High Court were handled by Smarika Singh, Partner and Yashna Mehta, Senior Associate.

Cyril Amarchand Mangaldas advised Committee of Creditors and L&L Partners advised JSW Steel Limited.