The firm acted as Lenders’ Legal Counsel to consortium of lenders comprised of REC Limited, Power Finance Corporation Limited and Axis Bank Limited (led by REC Limited) with respect to restructuring of outstanding loans availed by Essar Power Transmission Company Limited from the foregoing lenders, in terms of Reserve Bank of India’s “Prudential Framework for Resolution of Stressed Assets” dated June 07, 2019.

The transaction included advising on aspects pertaining to reclassification of debt, issuance of secured debentures, advisory on compliance requirements pertaining to issuance of debentures, advisory on stamp duty aspects, drafting of restructuring documents including but not limited to Master Debt Restructuring Agreement, Debenture Trust Deed, Security Document, Inter- Creditor Agreement and other financing documents. Further, the firm advised the Lenders/Borrower with respect to stamp duty implications and registration aspects pertaining to the transaction instruments. The team comprised of Girish Rawat, Partner, Amit Prakash, Principal Associate and Vaibhav Shrivastav, Associate.