Deal Closed | RBL Bank Limited | Corporate and Debt Restructuring Advisory

The details of the deal are as under:

Sector: Engineering and Construction 

Announcement Date:31-Mar-2021 

Completion Date: 31-Mar-2021 

Name of Client: Kilburn Engineering Ltd., RBL Bank Limited and Firstview Trading Private Limited 

Deal Description: We acted as the transaction counsel to RBL Bank Limited, Kilburn Engineering Limited and Firstview Trading Private Limited in relation to:  

debt restructuring of certain facilities extended to Kilburn Engineering Limited by RBL Bank Limited under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019 ("RBI Circular 7 June Circular"), and investment by Firstview Trading Private Limited in Kilburn Engineering Limited through a primary infusion of funds to acquire approximately 29% of the shareholding of Kilburn Engineering Limited resulting in a 'change in management' of Kilburn Engineering Limited as per the RBI Circular 7 June Circular. 

Total Consideration: Confidential 

Team Members: The core team consisted of Padam Kumar Khaitan (Partner), Dipen Chatterjee (Partner), Shourya Sengupta (Principal Associate), Sneh Lata (Senior Associate), Saptarshi Mandal (Senior Associate) and Anwesha Sinha (Associate) with assistance from Arindam Ghosh (Partner) on Securities Law aspects and Paridhi Rasiwasia (Associate) on certain corporate law and documentation aspects of the transaction. 

Role of Firm: We acted as the transaction counsel to RBL Bank Limited, Kilburn Engineering Limited and Firstview Trading Private Limited in relation to:  

1)  Debt restructuring of certain facilities extended to Kilburn Engineering Limited by RBL Bank Limited under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019 ("RBI Circular 7 June Circular"), 

2) Investment by Firstview Trading Private Limited in Kilburn Engineering Limited through a primary infusion of funds to acquire approximately 29% of the shareholding of Kilburn Engineering Limited resulting in a 'change in management' of Kilburn Engineering Limited as per the RBI Circular 7 June Circular. 

3 ) assisted in the drafting, negotiation and finalisation of the transaction documents which included Framework Agreements, Restructuring Agreements, Deed of Hypothecation, Letter of Continuity for Demand Promissory Note, Share Subscription Agreement, Shareholders' Agreement and certificate assessing compliance with Section 29A of Insolvency and Bankruptcy Code 2016.