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The judgment reinforces that Government procurers must adhere strictly to prescribed contractual remedies and procedural safeguards before imposing commercially significant consequences such as debarment or risk-purchase liability on suppliers.
The transaction team was involved in structuring, documentation, negotiations and providing advice on all relevant Indian legal matters in relation to the transaction. The transaction structure was unique as the financing was provided outside of the ECB framework.
The bid process culminated with ARTL emerging as the successful bidder whereafter ARTL incorporated an SPV namely, M/s Indore Gujarat Road Limited to substitute the Existing Concessionaire for the Project. With NHAI’s approval on the implementation of the substitution and also on the financing arrangement availed by ARTL from YES Bank Ltd for funding the consideration amount for the substitution, the parties executed definitive documents for successful implementation of the substitution.
This includes an investment of INR 4000 Crores in CtrlS and a commitment of up to INR 3000 Crores to form a joint venture with CtrlS to develop hyperscale data centres across India.
Prateek previously worked with Khaitan & Co and with ICICI Bank Limited. Prateek holds an LL.M. in Corporate and Financial Law from Jindal Global Law School and graduated with a B.A. LL.B. (Hons.) from The WB National University of Juridical Sciences, Kolkata.
CAM acts as lenders’ legal counsel to International Finance Corporation and India Infrastructure Finance Company Ltd.
Cyril Amarchand Mangaldas acted as lenders’ legal counsel to International Finance Corporation (IFC) and India Infrastructure Finance Company Ltd. (IIFCL), advising on a significant financing transaction.
Cyril Amarchand Mangaldas (CAM) advised Union Bank of India in connection with a ₹2,443 crore loan facility extended to Ananthapuram II Power Transmission Ltd. for the development of the Renewable Energy Zone (REZ) Phase II transmission project.
The project is expected to advance India’s energy security objectives, while also reflecting the government’s broader push for infrastructure development in the region, making it a project of both economic and geopolitical strategic significance.
Inox Clean Energy Limited is part of the INOX Group’s renewable energy platform and is engaged in the development and operation of renewable energy projects across India. The financing is expected to support the group’s expansion strategy in the solar and wind energy sectors and strengthen its renewable energy portfolio.
This deal marks financial closure of Phase 1 of HPCL’s green energy initiative, which is currently focused on captive usage for HPCL’s group companies.
Cyril Amarchand Mangaldas acted as legal counsel to JSW Energy Limited (as successful bidder) for availing credit facility of INR 12,475 Crore from State Bank of India for implementation of resolution plan.
Project Finance re-defined under RBI’s new Directions.
About Scholasticus Scholasticus (ISSN 0975-1157) is one of the earliest publications by National Law University, Jodhpur established with the objective of promoting
03 February 2023 | New Delhi: Shardul Amarchand Mangaldas & Co. advised Hapag-Lloyd group, which is a German leading global liner shipping