Shardul Amarchand Mangaldas & Co. advised the Committee of Creditors (CoC) of Vadraj Cement Limited (VCL), led by Punjab National Bank, in its corporate insolvency resolution process, culminating in the successful implementation of an INR 1,800 crore resolution plan for VCL. The resolution plan was fully implemented on June 20, 2025, with the payouts released to the creditors on the same date.
The resolution applicant, Nuvoco Vistas Corporation Limited (NVC), a part of the Nirma Group—undertook the acquisition through its wholly owned subsidiary Vanya Corporation Limited.
This acquisition increases NVC’s total cement production capacity to approximately 31 million metric tonnes per annum, making it the fifth largest cement producer in India and further consolidates its presence in the sector. The deal marked the successful resolution of a long-standing distressed asset and demonstrated the effectiveness of coordinated legal and commercial strategy in complex insolvency proceedings.
The transaction team was led by Soummo Biswas, Partner; Parth Gokhale, Partner; Yugal Jain, Principal Associate; Ritika Sharma, Associate; and Amandeep Saini, Associate.
The litigation team was led by Misha, Partner and Abhilash Choudhary, Principal Associate.
Pulkit Gupta was the resolution professional.
AZB & Partners advised the resolution professional on legal aspects
EY Restructuring LLP was the resolution professional’s process advisor
Khaitan & Co. advised the resolution applicant on legal aspects.