Shardul Amarchand Mangaldas & Co. Advised Committee of Creditors in Corporate Insolvency Resolution Process Of Jaypee Healthcare

Shardul Amarchand Mangaldas & Co. Advised Committee of Creditors in Corporate Insolvency Resolution Process of Jaypee Healthcare

Shardul Amarchand Mangaldas & Co. advised JC Flowers Asset Reconstruction Private Limited in the initiation of corporate insolvency resolution process (“CIRP”) against Jaypee Healthcare Limited (“JHL”) and also advised the committee of creditors of JHL (“CoC”) during the CIRP of JHL, including in the negotiation and implementation of a settlement proposal, which was approved by the CoC.

The settlement proposal submitted by Lakshdeep Investments and Finance Private Limited (being a member of consortium which emerged as the successful resolution applicant for Jaypee Infratech Limited, the holding company of JHL) led to 100% recovery of the admitted claims (~INR 1035 crores) by the financial creditors of JHL. Upon receipt of such payments, the financial creditors released their invoked pledge over the shareholding of JHL, which was subsequently transferred to Max Healthcare Institute Limited, the strategic partner of Lakshdeep Investments and Finance Private Limited. The deal was closed on 3rd October 2024.

The SAM & Co. team was led by Anoop Rawat, Partner; Saurav Panda, Partner; Vishrut Kansal, Principal Associate; Aditya Marwah, Senior Associate; Ahkam Khan, Associate, and Anushri Joshi, Associate.

The litigation aspects of the deal were led by Vaijayant Paliwal, Partner; Nikhil Mathur, Principal Associate and Kirti Gupta, Associate.

Mr. Bhuvan Madan was the Resolution Professional of JHL and was advised by Cyril Amarchand Mangaldas on the legal aspects.

Max Healthcare Institute Limited acted as the Strategic Partner to the Settlement Proposer and was advised by AZB & Partners on the legal aspects.

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