Cyril Amarchand Mangaldas Advised Indian Banks’ Association On Revised Model For Assignment Agreement And Trust Deeds
Cyril Amarchand Mangaldas Advised Indian Banks’ Association On Revised Model For Assignment Agreement And Trust Deeds
Cyril Amarchand Mangaldas (CAM) advised Indian Banks’ Association (IBA) with the preparation of the revised draft of the model Assignment Agreement for transfer / assignment of financial assets by Banks & Financial Institutions, and model Trust Deed in respect of holding of the assigned loan assets by the Asset Reconstruction Companies (ARCs) in a trust and issuance of Security Receipts.
CAM played a significant role alongside drafting new models for Assignment Agreements and Trust Deeds, whereby the firm supported IBA by facilitating discussions with the Association of ARC’s and leading banks. This collaboration addressed key industry challenges in loan assignment transactions, ensuring that the insights gained were effectively integrated into the model drafts.
The Banking, Corporate & Structured Finance team of Cyril Amarchand Mangaldas advised on the matter. The team was led by Partner Abhishek Mukherjee, with support from Associates Tushar Kumar and Bhavit Baxi.
The transaction was completed under the overall guidance of Amey Pathak, Partner & Head of Banking.
Other parties and advisors to the transaction included the State Bank of India and ICICI Bank Limited, both acting as banks, and the Association of ARCs in India, acting as the assignee transfer.
The transaction was signed on 4th December 2023, and the closing was done on 12th May 2024.
