Cyril Amarchand Mangaldas (CAM) advised Ernst and Young (“EY”), who was appointed as the Process Advisor to Stressed Assets Stabilisation Fund (“SASF”), on the process conducted for transfer of the NPA loan portfolio of SASF with total outstanding amount of approx. Rs. 6,151 crores (“Portfolio Sale”). Omkara Assets Reconstruction Private Limited (“Omkara ARC”) emerged as the successful bidder post conclusion of the bid process, whereafter the parties have executed the assignment agreement.
The CAM team, along with the EY team, conducted a comprehensive vendor diligence for around 400 loan accounts (completed in 1.5 months’ time), prepared all documents for two rounds of bid processes and an inter-se bidding process, drafted the assignment agreement and conducted protracted negotiations on the same, and advised on post assignment actions for transfer of the identified loan account portfolio to Omkara ARC, to achieve closure of the transaction in 7 months’ time.
The CAM team also advised SASF on strategies for ring fencing the Portfolio Sale process from potential litigation risk.
The advice on the two-stage bidding process, including the inter-se bidding process, and the assignment transaction was led by Abhishek Mukherjee, Partner; with support from Harsh Rathi, Senior Associate; Mehul Kumar, Consultant; Parnika Jain, Associate; Vedaant Agarwal, Associate; Arunima Phadke, Associate; Ilina Peehu, and Bhavit Baxi, Associate.
The due diligence exercise for conducting vendor diligence on about 400 loan accounts was led by Abhishek Mukherjee, Partner; and Surbhi Pareek, Partner, with assistance from Harsh Rathi, Senior Associate; Mehul Kumar, Consultant; Parnika Jain, Associate; Tushar Kumar, Associate; Amritya Singh, Associate; Vidhi Saxena, Associate; Shubham Shanu, Associate; Arunima Phadke, Associate; Ilina Peehu, Associate; Shubham Shanu, Associate; Vedaant Agarwal, Associate; and Bhavit Baxi, Associate.
The advice on the strategy for handling potential litigation was led by Abhishek Mukherjee, Partner; with support from Saloni Kapadia, Partner; Srideepa Bhattacharyya, Principal Associate; Aishwarya Gupta, Principal Associate; Karan Gandhi, Associate; and Parnika Jain, Associate.
The transaction was completed under the overall guidance of Dhananjay Kumar, Partner & Head- Insolvency & Restructuring.
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