Deal Closed | Eversource Advisors Private Limited | Acquisition of 100% Stake in the Entire Waste Management Vertical of IL&FS

The details of the deal are as under:

Sector:  Infrastructure 

Announcement Date: 07-Apr-2021 3. 

Completion Date: 06-Apr-2021 

Name of Client: Eversource Advisors Private Limited 

Bidder Details EverEnviro Resource Management Private Limited | India EverEnviro is 100% held by Green Growth Equity Fund 

Seller Details Infrastructure Leasing & Financial Services Limited | India 

Deal Description: EverEnviro Resource Management Private Limited (100% held by Green Growth Equity Fund) has acquired a 100% stake in the entire waste management vertical of IL&FS, i.e., IL&FS Environmental Infrastructure & Services Limited along with its subsidiaries, Dakshin Dilli Swachh Initiative Limited (DDSIL), Swayam Swachatta Initiative Limited (SSIL), RDF Power Projects Limited (RDF), East Delhi Waste Processing Company Limited (EDWPCL) and Kanak Resources Management Limited (KRML). This was the first vertical sale of IL&FS assets under the resolution framework approved by National Company Law Appellate Tribunal and first sale of Category II assets of IL&FS, including an SPV, which was initially undergoing insolvency proceedings under Insolvency Bankruptcy Code 2016. 

Total Consideration: Confidential 

Team Members: The core team consisted of Gahan Singh (Partner), Anuj Sahay (Counsel), Jhinook Roy (Principal Associate), Sagar BM (Principal Associate), Shikha Rastogi (Principal Associate), Sarat Chandra (Associate), Sathyajith Nair (Associate) and Ketaki Dandiya (Associate) with assistance from the following: NCLAT Resolution Framework - Prateek Kumar, Kumar Saurabh Singh and Raveena Rai. Bid Guarantee Invocation and pre-litigation advisory- Raj Panchmatia, Peshwan Jehangir, Pranav Sampat, Himanshu Vidhani. NCLT Order approving the Bid and defending operational creditor claims -Gaurav Juneja and Aayush Jain

Competition Law aspects: Anisha Chand, Anmol Awasthi and Arvind Pillai Employment Law aspects: Anshul Prakash, Deepak Kumar and Prachi Vijay 

Role of Firm:  The Team carried out due diligence of the target companies, structured the transaction, advised in relation to the transaction documents, advised on NCLAT approved Resolution Process and the NCLT Process (including representation at the NCLT), negotiated, and assisted with closing of the transaction. 

Other legal advisors if any: Cyril Amarchand Mangaldas 

Unique Feature of Transaction: This was the first vertical sale of IL&FS assets under the resolution framework approved by National Company Law Appellate Tribunal and first sale of Category II assets of IL&FS, including an SPV, which was initially undergoing insolvency proceedings under Insolvency Bankruptcy Code 2016.