Trilegal acted on behalf of the Committee of Creditors (CoC) of South East UP Power Transmission Company Limited (Corporate Debtor). The CoC constituted in the corporate insolvency resolution process (CIRP) as per the terms of the Insolvency and Bankruptcy Code, 2016 (IBC), comprises major public sector financial institutions and banks (namely – Power Finance Corporation Limited, REC Limited, Bank of India, and Axis Bank). Resurgent Power Power Ventures Pte Ltd was selected as the successful bidder with a total bid value of more than INR 3200 crores.
Trilegal advised the members of CoC at various stages of the transaction, including steps to be undertaken at various stages of the CIRP and reviewing resolution plans submitted in the Corporate Debtor’s CIRP. Trilegal also negotiated on behalf of the CoC with all the resolution applicants who submitted their resolution plans in the CIRP.
The Trilegal team was led by Partner Ramakant Rai. Other attorneys who assisted the deal were Romit Dey and Shradha Sachdev, Counsels; and Ravin Kapur, Senior Associate.
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