SAM & Co advises the RP and interim management in the CIRP
Shardul Amarchand Mangaldas & Co (SAM & Co) advised the Resolution Professional (RP) in conducting the Corporate Insolvency Resolution Process (CIRP) of Ferro Alloys Corporation Limited ("FACL").
The resolution plan for FACL, as submitted by Sterlite Power Transmission Limited, was approved by the Committee of Creditors (CoC) and was subsequently approved by the NCLT, Cuttack, vide its order dated January 30, 2020 ("Approved Resolution Plan"). The Approved Resolution Plan was implemented by Vedanta Limited.
The implementation of the Approved Resolution Plan involved the acquisition of the entire equity share capital of FACL by Vedanta Limited, which also provides them the shareholding and management control of Facor Power Limited, being a subsidiary of FACL.
After the approval of the resolution plan, SAM & Co assisted and advised the Steering Committee being the body vested with the powers of the board of directors during the period until implementation of the Approved Resolution Plan and PwC (as the interim manager), being responsible for managing and controlling the affairs of FACL during the period of implementation of the Approved Resolution Plan.
The team of SAM & Co comprised of Partners – Anoop Rawat, Aashish Gupta and Misha; Saurav Panda, Principal Associate; Rohan Jain, Principal Associate; Vimal Asthana, Associate; Kshitij Arora, Associate;, Partner; Charu Bansal, Senior Associate, Aditya Mukherjee, Principal Associate, Anirudh Lekhi, Associate; Tangirala Krishna, Associate.
Khaitan & Co. advised Vedanta Limited, being the entity implementing the Approved Resolution Plan.