Cyril Amarchand Mangaldas Advises Nithia Capital and Jai Saraf in Relation to the Insolvency Resolution of Crest Steel

Cyril Amarchand Mangaldas acted as the legal counsel to Nithia Capital Resources Advisors LLP and Jai Saraf (“Resolution Applicants”) in connection with the submission, negotiations with the committee of creditors and implementation of resolution plan for Crest Steel and Power Private Limited (“Crest Steel”), a company undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016, as amended (“IBC”).

The Insolvency, General Corporate and Finance Practice of Cyril Amarchand Mangaldas advised and assisted Resolution Applicants on the transaction.

The Insolvency Team was led by Amey Pathak, Partner; Madhav Kanoria, Partner; assisted by Surbhi Pareek, Principal Associate; Naveena Varghese, Senior Associate; and Jeta Shree, Associate.

The General Corporate team comprising of Manan Mehta, Partner; Bhargav Joshi, Partner; assisted by Utkarsh Mankad, Associate advised on the Resolution Plan.

The team comprising of Surya Sreenivasan, Partner; assisted by Kabir Manchanda, Associate was involved in the financing related aspects.

As a part of the Transaction, the resolution plan dated December 7, 2019 (as amended from time to time till March 23, 2020) submitted by Nithia (“Resolution Plan”) was approved by the committee of creditors of Crest Steel in March, 2020 and subsequently by the Cuttack Bench of National Company Law Tribunal on November 1, 2022.

The Resolution Plan was implemented and closing date was accomplished on April 4, 2022.

About Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas (CAM) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm’s generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With over 850 lawyers and 150 Partners, the Firm is the largest full-service law firm in India with offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City, and also in Singapore.

Recently, the Firm received “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. In 2021, Firm received “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards.