Khaitan & Co advised Simplex Infrastructures on the restructuring of INR 10,295.47 crore debt owed to NARCL
Khaitan & Co advised Simplex Infrastructures Limited (“Company”) on the restructuring of its outstanding debt of INR 10,295.47 crore owed to National Asset Reconstruction Company Limited (“NARCL”).
As part of the debt restructuring, a portion of the debt was converted into 15% equity shares of the Company and allotted to NARCL; another portion was restructured by rescheduling repayment; and the balance debt is payable from realisation of claims/receivables in dispute over an extended period. NARCL had acquired the debt from various banks and financial institutions. This marks one of the few successful debt resolutions in the EPC sector in recent years.
Khaitan & Co advised the Company on the transaction structure and on reviewing, negotiating, and finalising the transaction documents as the Company’s counsel.
The Khaitan & Co team was led by Kumar Saurabh Singh (Partner) and Rahul Chakraborti (Partner), with support from Riya Agicha (Principal Associate), Sarika Jhanwar (Senior Associate), Kartikey G (Associate), and Sanjali Rupnawar (Associate).
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