AZB & Partners Advised Resolution Professional In Successful Resolution Of Vadraj Cement Limited Under IBC
AZB & Partners advised Resolution Professional in successful resolution of Vadraj Cement Limited under IBC
AZB & Partners advised the Resolution Professional (Pulkit Gupta and EY) in the successful resolution of Vadraj Cement Limited, a company that had been languishing under the old winding-up regime with the official liquidator for over six years, before its transfer by the High Court to the NCLT, Mumbai for resolution under the Insolvency and Bankruptcy Code, 2016.
The corporate insolvency resolution process (CIRP) commenced on February 2, 2024, and the NCLT approved the resolution plan on April 1, 2025. The resolution plan was fully implemented by the last weekend of June 2025, with Nuvoco Vistas Corporation Limited (Nirma Group) acquiring Vadraj Cement and successfully resolving debt exceeding INR 9,600 crores, marking it as one of the largest cement sector resolutions under the IBC.
The AZB & Partners team was led by Suharsh Sinha (Partner) and Amrita Sinha (Partner), with support from Kushagra Pandey (Senior Associate), and Rahul Thomas, Idhika Agarwal, and Rashi Priya (Associates). The firm also handled litigation matters in Mumbai and Delhi with contributions from Anindita Roy Chowdhury (Senior Partner), Vivek Shetty (Partner), Aditi Bhansali and Nishant Upadhyay (Senior Associates), and Akilesh Menezes, Sushrut Garg, and Aditi Nazre (Associates).
The due diligence team included Simrann Venkkatesan, Shambhavi Shivdikar, Swagata Mukhopadhyay, Vishal Choudhary, Jigme Palzer Tshering, and Manann Bhoota (Articled Clerk). On mining-related aspects, the team was supported by Qais Jamal (Partner) and Prashant Munshi (Associate); on tax matters by Aditya Singh Chandel (Partner) and Akshat Jain (Associate); and on employment matters by Ajay Singh Solanki (Partner).
Special thanks were extended to Bahram Vakil (Co-Founder & Senior Partner) and Nilang T. Desai (Senior Partner) for their tactical guidance throughout the transaction.
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