Khaitan and Co Advised Orion Capital Asia And Its Affiliates On Debt Investment Of INR 450 Crores In JC Flowers ARC
Khaitan and Co Advised Orion Capital Asia and its affiliates; (ii) Kotak Mahindra Bank Limited; and (iii) IndusInd Bank Limited on debt investment of INR 450 Crores by them in JC Flowers ARC. The proceeds of the debt investment were utilized, by JC Flowers ARC, amongst others, for subscription of security receipts (SRs) issued by the trusts established by JC Flowers ARC for acquisition of non-performing loans (NPLs) of INR 48,000 Crores from YES Bank Limited (YBL).
The SRs issued by the trusts were subscribed by JC Flowers ARC and YBL under RBI permitted structure for subscription of SRs for acquisition of NPLs. This is the single largest transaction of acquisition of NPLs by an ARC in India, which was part financed through this debt investment.
The core team consisted of Kumar Saurabh Singh (Partner), Rahul Chakraborti (Partner), Rolwine Alva (Partner), Krishnendu Sen (Counsel), Jessica Gandhi (Principal Associate), Savni Tewari (Principal Associate), Nikhila Dewasthale (Associate) and Eeshan Mohapatra (Associate).
Other legal advisors (if any) Veritas Legal and Wadia Gandhy acted as the legal counsel for JC Flowers ARC.
