Shardul Amarchand Mangaldas advised UV Asset Reconstruction Company
Shardul Amarchand Mangaldas advised UV Asset Reconstruction Company
Shardul Amarchand Mangaldas advised UV Asset Reconstruction Company Limited (“UV”) in enforcement of security interest against Burnpur Cement Limited (“BCL”) in its capacity as the secured creditor of BCL, under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT) read with the Security Interest (Enforcement) Rules, 2002 (SARFAESI Rules) for the sale of immovable and movable assets forming part of cement plant of BCL at Patratu, Jharkhand, to UltraTech Cement Limited (UTCL).
This was a unique case involving strategic takeover of management of BCL by UV under SARFAESI ACT, followed by structured security enforcement actions ultimately resulting in the simultaneous sale of movable and immovable assets of the Patratu cement plant of BCL to UTCL, through a Swiss challenge process. This sale of immovable and movable assets of the Patratu cement plant of BCL to UTCL marks UTCL’s entry into Jharkhand.
The core transaction team was led by Anoop Rawat, Partner; Saurav Panda, Partner; Vishrut Kansal, Senior Associate, and Ahkam Khan, Associate.
Rajat Bose, Partner and Ankita Bhasin, Counsel assisted on the indirect tax related issues in the transaction.
Shally Bhasin, Partner; Siddhant Kant, Partner; Prateek Gupta, Principal Associate and Jyotsna Punshi, Associate assisted in the litigation before the Hon’ble High Court of Delhi.
Siddhartha Datta, Partner and Deepanjan Dutta Roy, Senior Associate, assisted in the litigation before the Hon’ble National Company Law Tribunal, Kolkata.
