Khaitan & Co Advised Resolution Professional In Era Infra Engineering’s CIRP
Khaitan & Co LLP provided legal Counsel to the resolution professional of Era Infra Engineering Limited (Company) throughout
Khaitan & Co Advised Resolution Professional In Era Infra Engineering’s CIRP Khaitan & Co LLP provided legal Counsel to the resolution professional of Era Infra Engineering Limited (Company) throughout its corporate insolvency resolution process (CIRP), which began on 8 May 2018. The Company was listed among the Reserve Bank’s 'dirty dozen' firms, mandated to enter CIRP under...
Khaitan & Co Advised Resolution Professional In Era Infra Engineering’s CIRP
Khaitan & Co LLP provided legal Counsel to the resolution professional of Era Infra Engineering Limited (Company) throughout its corporate insolvency resolution process (CIRP), which began on 8 May 2018.
The Company was listed among the Reserve Bank’s 'dirty dozen' firms, mandated to enter CIRP under the Insolvency and Bankruptcy Code, 2016 (Code). The process encountered several obstacles, including issues related to the consolidation of the Company with its interlinked special purpose vehicles, ongoing high-value disputes, and assets seized under the Income Tax Act, 1961 and the Prevention of Money Laundering Act, 2002.
The Adjudicating Authority frequently interpreted various provisions of the Code through its orders in response to applications concerning these issues. The resolution plan for the Company was eventually approved by the Adjudicating Authority on 11 June 2024. This approval represents the settlement of outstanding debt amounting to INR 22,200 Crores, marking one of the largest and most prolonged CIRPs to be successfully resolved.
Khaitan & Co LLP has been instrumental in advising the resolution professional since the onset of the CIRP, playing a key role in clarifying aspects of the Code and contributing to the evolution of IBC jurisprudence.
With the successful resolution plan now in place, the resolution of one of the last remaining 'dirty dozen' companies have been completed.
The Khaitan & Co team was led by Dr. Siddharth Srivastava (Partner, Restructuring & Insolvency/ Banking & Finance), Mohit Kishore (Counsel) and Udita Singh (Senior Associate).
The litigation support for the deal was provided by Ajay Bhargava (Partner, Litigation), Wamika Trehan (Counsel) Shivank Diddi (Principal Associate) and Siddhant Kumar (Senior Associate).