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Managing Distressed Assets In India

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Managing Distressed Assets In India

Jerome Merchant + Partners, presented sessions on Managing Distressed Assets in India for advisors, law firms and in-house counsels in Singapore on July 24 and July 25. Our partners, Vishnu Jerome and Murtaza Somjee discussed both developments and challenges in the insolvency regime and Dinesh Arora, partner PWC spoke on the insolvency resolution process and the management of resolution plans. Mohammed Reza and Justin Kwek of Simmons & Simmons presented the audience with a comparative analysis of insolvency laws in Singapore

IIFL, Lok Capital as well as existing investor Amicus Capital invests approximately USD 19 million (INR 130 crores) in insurance tech start up, Renew Buy

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New Delhi based insurance tech start up, Renew Buy, received an aggregate investment of USD 19 million from India Infoline, Lok Capital as well as existing investor Amicus Capital by way of Series C round of funding/investment

Role :Jerome Merchant + Partners advised IIFL

Members of JM+P team:The team was led by partner Sameer Sibal along with associates, Nirav Bakshi and Rishabh Gupta

Other Legal advisor 1:Shardul Amarchand Mangaldas, New Delhi advised Lok Capital

Members of SAM Co. team: The team was led by partner Visruta Kaul along with senior associate Pratyush Singh and associate Sonali Bhardawaj

Other Legal Advisor 2: Jyoti Sagar Associates (JSA), Mumbai advised Amicus Capital

Members of JSA team: The team was led by partner Anand Lakra along with senior associate Abhilash Chandran

Other Legal Advisor 3: PDS Legal, New Delhi advised the Company

Members of PDS Legal team: The team was lead by partner Probal Bhaduri along with principal associate Nidhi Arora, senior associate Shilpa M Ekka and associate Tanisha Gupta

Closing Date:24th June, 2019

Read More :https://www.financialexpress.com/industry/sme/renewbuy-raises-19-million-in-series-b-funding-round/1626601/

Oriental Structural’s Infra Investment Trust

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Oriental Structural Engineering launched an infrastructure investment trust (Invit) to issue units listed on the BSE and NSE for an amount of INR 2300 crores on June 12, 2019

Role : Jerome Merchant + Partners advised the lead bank, I-Sec

Members of JM+P team: The team was led by partner Shameek Ray

Other Legal advisors: 1) Shardul Amarchand acted as counsel to OSE 2) Cyril Amarchand acted as counsel to certain of the investors in the Invit 3) Latham & Watkins acted as international counsel to the issue

Closing Date: June 26th, 2019

Read More : https://economictimes.indiatimes.com/industry/banking/finance/global-investors-back-oriental-structurals-infra-investment-trust/articleshow/69766824.cms?from=mdr

Aditya Birla Retail acquires Jaypore for Rs 110 crore

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Aditya Birla Fashion and Retail Limited has acquired Jaypore, an ethnic apparel and accessories retailer for Rs110 crore

Role : Jerome Merchant + Partners advised the exiting promoters and angel investor Haresh Chawla

Members of JM+P team: The team was led by partners Kalpana Merchant and ­­­­­­­­Murtaza Somjee

Other Legal advisors: 1) Khaitan & Co advised Aditya Birla, Fashion and Retail Investor, the acquirer 2) S&R Associates for Aavishkar, an exiting investor

Closing Date: July 2nd,2019

Read More :https://economictimes.indiatimes.com/industry/services/retail/aditya-birla-retail-acquires-jaypore-for-rs-110-crore/articleshow/69724166.cms

NCLT Takes A Detour From IBC For A ‘Workable Solution’ In SBM Paper Mills Case

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Our partner Murtaza Somjee shared his views with Bloomberg, on the implications of the landmark ruling of the Mumbai bench of the NCLT in SBM Paper Mills. In this matter the NCLT, allowed the promoters of the company which was the subject of resolution proceedings to withdraw from the resolution process, effectively rescinding the approval that the committee of creditors had provided for the resolution plan submitted by a third party applicant, but at the same time facilitating the most optimal resolution for the creditors of the company. The jury is still out on whether the ruling can be used as a “one size fit all” solution in other insolvency resolution processes

Read More :https://www.bloombergquint.com/law-and-policy/nclt-takes-a-detour-from-ibc-for-a-workable-solution-in-sbm-paper-mills

IIFL and Morgan Stanley Private Equity Fund invests in Kogta Financial (Retail lending NBFC)

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Retail focused NBFC entity, Kogta Financial (India) Limited, raised a fresh round of funding from the existing investor, IIFL Seed Ventures and the new investor, Morgan Stanley Private Equity Asia-managed fund. The total investment size was INR 154 crores (approximately USD 22 million) wherein IIFL invested INR 40 crores and Morgan Stanley invested INR 114 crores.

Role – Jerome Merchant + Partners advised IIFL Seed Ventures
Members of JM+P team: The team was led by partner Sameer Sibal along with associates Anna Liz Thomas and Rishabh Amber Gupta.

Other Legal advisor 1: Trilegal advised the Company (Kogta Financial (India) Limited)
Members of Trilegal team: The team was led by partner Kunal Chandra along with senior associate Harshil Dalal and associates Akshat Shrivastava and Akriti Gupta.

Other Legal advisor 2: Shardul Amarchand Mangaldas (SAM) advised Morgan Stanley
Members of SAM team: The team was led by partner Nivedita Tiwari along with associate Rajashree Ravi.

Read More : https://tech.economictimes.indiatimes.com/news/startups/retail-focused-finance-firm-kogta-financial-secures-rs-154-cr-funding/66856835