Cyril Amarchand Mangaldas advised Nithia Capital and Jai Saraf on insolvency resolution of Crest Steel

Cyril Amarchand Mangaldas advised Nithia Capital and Jai Saraf on insolvency resolution of Crest Steel

Cyril Amarchand Mangaldas acted as the legal counsel to Nithia Capital Resources Advisors LLP and Jai Saraf ("Resolution Applicants") in connection with the submission, negotiations with the committee of creditors and implementation of resolution plan for Crest Steel and Power Private Limited ("Crest Steel"), a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code 2016, as amended ("IBC").

The Insolvency, General Corporate and Finance Practice of Cyril Amarchand Mangaldas advised and assisted Resolution Applicants on the transaction.

The Insolvency Team was led by Amey Pathak, Partner; Madhav Kanoria, Partner; assisted by Surbhi Pareek, Principal Associate; Naveena Varghese, Senior Associate; and Jeta Shree, Associate.

The General Corporate team comprising of Manan Mehta, Partner; Bhargav Joshi, Partner; assisted by Utkarsh Mankad, Associate advised on the Resolution Plan.

The team comprising of Surya Sreenivasan, Partner; assisted by Kabir Manchanda, Associate was involved in the financing related aspects.

As a part of the Transaction, the resolution plan dated December 7, 2019 (as amended from time to time till March 23, 2020) submitted by Nithia ("Resolution Plan") was approved by the committee of creditors of Crest Steel in March, 2020 and subsequently by the Cuttack Bench of National Company Law Tribunal on November 1, 2022.

The Resolution Plan was implemented and closing date was accomplished on April 4, 2022.

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