In the first instance of resolution of a stressed power asset outside the insolvency and bankruptcy code (IBC) mechanism where the promoters have retained management control, a consortium of lenders led by Power Finance Corporation (PFC) has agreed to take a 38% haircut against their exposure of Rs 6,575 crore to RattanIndia Power’s 1,350 MW Amravati plant.

— The Financial Express

Khaitan & Co advised RattanIndia Power Limited led by a team of partner Kumar Saurabh Singh, partner Shruti Singh, partner Abhimanyu Bhattacharya, partner Aditya Cheriyan, principal associate Rolwine Alva, principal associate Oishik Bagchi, associate Riya Agicha with assistance from principal associate Ahana Sinha and associate Ashwij Ramaiah.

Shardul Amarchand Mangaldas advised Power Finance Corporation Limited led by a team of partner Anoop Rawat, senior associate Sagar Dhawan, associate Vimal Asthana and associate Yalini Ravi.

2019-12-31

Deal value: INR 4,050 Crores

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