JSA advised consortium of lenders led by Bank of Baroda and comprising of Axis Bank, Bank of India, Bank of Maharashtra, Canara Bank, Indian Overseas Bank, Karnataka Bank Limited, Karur Vysya Bank, Micro Units Development & Refinance Agency Limited, Punjab & Sind Bank, Punjab National Bank, Small Industries Development Bank of India, State Bank of India, Catholic Syrian Bank Limited, Jammu & Kashmir Bank Limited, UCO Bank, Union Bank of India, Yes Bank Limited and National Bank for Agriculture and Rural Development in relation to resolution of debt availed by Reliance Commercial Finance Limited (“RCFL”), a wholly-owned subsidiary of Reliance Capital Limited (“RCap”).
The lenders, led by Bank of Baroda, ran process under the the Prudential Framework for Resolution of Stressed Assets dated June 07, 2019 issued by the Reserve Bank of India and approved the a resolution plan submitted by Autumn Investment & Infrastructure Limited (“Authum”). The resolution plan entailed change in management and control of RCFL, with settlement of the debt owed to the lenders. The Reserve Bank of India has provided its no-objection for change in management and control of RCFL
Deal Value: USD 1.08 billion
JSA Transaction Team Comprised Partner – Dina Wadia & Soumitra Majumdar and Senior Associate –Abhay Agarwal.
JSA Litigation Team Comprised Partner – Varghese Thomas & Fatema Kachwalla and Principal Associate – Yohaann Limathwalla.
Abhay specializes in Insolvency & Restructuring, Banking & Finance and Financial Services. He has extensive experience in advising lenders, resolution professional and resolution application in insolvency and restructuring related matters.