DSK Legal Advised the Resolution Professional with respect to CIRP of JBF Petrochemicals Ltd.
DSK Legal advised and assisted Mr. Sundaresh Bhat, appointed as Resolution Professional JBF Petrochemicals Limited (“JBF”) with respect to the Corporate Insolvency Resolution Process (CIRP) of JBF.
The Corporate Insolvency Resolution Process of JBF commenced on 2 January, 2022, pursuant to the order of the National Company Law Tribunal (NCLT), Mumbai Bench. JBF is implementing the Purified Terephthalic Acid (PTA) project at Mangalore SEZ, Karnataka, which is the world’s largest single reactor train PTA plant.
India's largest gas firm GAIL (India) Limited submitted a resolution plan for JBF which was approved by the Committee of Creditors (COC) of JBF on 15 October, 2022 with 100% votes and thereafter approved by the NCLT in March 2023.
DSK assisted in end-to-end support to the resolution professional from commencement of the CIRP till implementation of the resolution plan, including verification of claims from various stakeholders, reviewing and analysing various resolution plans and their compliance with the provisions of Insolvency and Bankruptcy Code, 2016 (IBC), CIRP regulations and the Request for Resolution Plan (RFRP).
The firm also aided in reviewing resolution plans submitted by various entities, negotiation of the resolution plans with the various resolution applicants, preparing a compliance matrix for all resolution plans submitted in accordance with the provisions of IBC, CIRP Regulations and the RFRP, attending COC and stakeholder meetings, representing the resolution professional in various matters and litigations filed by various persons, assisting in implementation of the resolution plan as and when required by the monitoring agency.
The deal value is Rs. 2,100 crores.
The team representing DSK Legal comprised of Ajay Shaw (Partner), Nirav Shah, Ashish Pahariya (Partner), Anisha Kumar (Principal Associate) and Jash Shah (Senior Associate).