Deal Closed | Prius Commercial Projects Private Limited | Corporate Insolvency Resolution Process

The details of the deal are as follows: 

Sector: Real Estate 

Completion Date: 04-January-2021 

Name of Client: Pricewaterhousecoopers Professional Services LLP (PwC) 

Name of Target: Prius Commercial Projects Private Limited | India  

Deal Description: Khaitan & Co advised the Resolution Professional and PwC in relation to the entire corporate insolvency resolution process of Prius Commercial Projects Private Limited including the negotiation on the resolution plans. The resolution plan submitted by Consortium of Kotak Investment Advisors Limited, Minicon Insulated Wires LLP and Elita Capital Advisors LLP has been approved by the NCLT and being implemented. 

Total Consideration: USD 68 million (approx.) 

Team Members:Siddharth Srivastava (Partner), Harshit Khare (Principal Associate) and Raunak Singh Rahangdale (Senior Associate) 

Role of Firm: Advisory to the Resolution Professional and PwC Team in relation to the corporate insolvency resolution process of Prius Commercial Projects Private Limited. 

Financial Advisors: PricewaterhouseCoopers Professional Services LLP 

Other legal advisors if any with names of Lead Lawyers: Krishnamurthy & Co 

Unique Feature of Transaction: The deal involved day to day legal advisory to the RP and PwC India on the running of the Corporate Debtor as a going concern. The team advised on various legal issues and aspects relating to the Corporate Debtor. The process also included deliberations and negotiations with the prospective resolution applicants on their resolution plans, post which one of the resolution plans was approved by the CoC and NCLT. The entire process went seamlessly and smoothly.