“The Committee of Creditors (CoC) has backed the resolution plan placed by state-owned Jawaharlal Nehru Port Trust (JNPT) to buy the debt-laden Dighi Port Ltd under India’s bankruptcy and insolvency law,” reported Hindu Business Line.

Update 05 June 2019: The deal was approved by the National Company Law Tribunal (NCLT) on 8 May, but has been subject to a modification order, according to the Hindu Business Line.

DSK Legal acted for the resolution professional.

Kachwala Misar & Co for Jawaharlal Nehru Port Trust.

Update 17 May 2019: Chandhiok & Mahajan also advised Jawaharlal Nehru Port Trust led by a team including managing partner Pooja Mahajan, partner Kaushalya Venkataraman, senior associate Mahima Singh and senior associate Megha Pathak, assisting in preparing resolution plan and in appearing before the NCLT, Mumbai.

Phoenix Legal advised Veritas Group, led by a team of partner Jyoti Singh, senior associate Vishnu Shriram, associate Smiti Verma and associate Sanjeev Sambasivam. Veritas had filed an application for safeguarding its rights as the sublessee and sub-concessionaire of Dighi Port. The application was allowed by the NCLT which held that third party rights could not be terminated unilaterally by way of a resolution plan.

Deal value: Rs 853 crore

2019-05-08

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