Cyril Amarchand Mangaldas (CAM) and Khaitan & Co advised on term loan facility of INR 140 crore extended to Indrajit Power for the implementation of approved resolution plan.
Indrajit Power Private Limited secured an INR 140 crore rupee term loan facility from CSB Bank Limited to implement its approved resolution plan under the Insolvency and Bankruptcy Code, 2016.
The facility forms part of the financing for the resolution plan submitted by a consortium comprising Evonith Holdings and Evonith Metallics, with the proceeds being utilised towards the repayment of a portion of the borrower’s existing indebtedness in accordance with the approved resolution plan. As part of the transaction, a power purchase agreement was also entered into between Indrajit Power and the sponsors, Evonith Value Steel Limited and Evonith Metallics Limited.
CAM advised Indrajit Power Private Limited, the borrower, in relation to the term loan facility and also advised on and drafted the power purchase agreement between the borrower and the sponsors.
The transaction team was led by Partners Amey Pathak (Head – Banking) and Surya Sreenivasan, with support from Principal Associate Kabir Manchanda, Senior Associate Sneha Sharma, and Associate Smruti Bhutada.
Khaitan & Co advised CSB Bank Limited on the INR 140 crore rupee term loan facility extended to Indrajit Power.
The Khaitan & Co team comprised Kumar Saurabh Singh, Rolwine Alva, Abhay Agarwal, Ojasav Chitranshi, and Govinda Asawa.
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