{"id":281507,"date":"2023-01-12T13:30:21","date_gmt":"2023-01-12T08:00:21","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=281507"},"modified":"2023-01-12T12:11:36","modified_gmt":"2023-01-12T06:41:36","slug":"khaitan-co-advises-a-consortium-of-16-lenders-led-by-state-bank-of-india-lenders-in-relation-to-settlement-of-the-outstanding-debt-liability","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/12\/khaitan-co-advises-a-consortium-of-16-lenders-led-by-state-bank-of-india-lenders-in-relation-to-settlement-of-the-outstanding-debt-liability\/","title":{"rendered":"Khaitan &#038; Co advises a consortium of 16 lenders led by State Bank of India (&#8220;Lenders&#8221;) in relation to settlement of the outstanding debt liability"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-align: center; font-weight: bold;\">DEAL DETAILS<\/p>\n<table style=\"border-bottom-style: none; border-left-style: none; border-right-style: none; border-collapse: collapse; border-top-style: none; margin-left: 0.16mm; margin-right: auto; table-layout: auto; width: 198.84mm;\">\n<colgroup>\n<col width=\"751\"\/><\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 198.84mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; font-weight: bold;\">State Bank of India | Religare Finvest &#8211; Pre-insolvency resolution and related issues<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table style=\"border-bottom-style: none; border-left-style: none; border-right-style: none; border-collapse: collapse; border-top-style: none; margin-left: 0.16mm; margin-right: auto; table-layout: auto; width: 198.84mm;\">\n<colgroup>\n<col width=\"48\"\/>\n<col width=\"202\"\/>\n<col width=\"501\"\/><\/colgroup>\n<tbody>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.77mm;\">\n<p style=\"text-align: center; font-weight: bold;\">NO<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 53.52mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center; font-weight: bold;\">HEADINGS<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"background-color: #d3d3d3; border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 132.55mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm; text-align: center; font-weight: bold;\">DETAILS<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.77mm;\">\n<p style=\"text-align: center;\">1.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 53.52mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Name of Client<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 132.55mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">State Bank of India<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.77mm;\">\n<p style=\"text-align: center;\">2.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 53.52mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Deal Description<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 132.55mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Advised a consortium of 16 lenders led by State Bank of India (&#8220;<span style=\"font-weight: bold;\">Lenders<\/span>&#8220;) in relation to settlement of the outstanding debt liability of an aggregate amount of INR 5,576 crores owed to the Lenders by Religare Finvest Limited (&#8220;<span style=\"font-weight: bold;\">RFL<\/span>&#8221;). The settlement arrangement has been entered amongst the Lenders, RFL and Religare Enterprises Limited which is to be implemented through payment of an agreed settlement amount upfront and sharing of certain upside with the Lenders in a time bound matter and through a consent arrangement.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.77mm;\">\n<p style=\"text-align: center;\">3.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 53.52mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Team Members<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 132.55mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">The core team consisted of Kumar Saurabh Singh (Partner), Riya Agicha (Principal Associate), Prashamsha Tulachan (Associate), Saumya Agarwal (Associate) and Devisha Dhanuka (Associate) with assistance from the following:<br \/>For litigation related aspects: Vishnu Shriram (Principal Associate)<br \/>For tax related aspects: Vinita Krishnan (Director), Puru Medhira (Associate)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 12.77mm;\">\n<p style=\"text-align: center;\">4.<\/p>\n<p>&nbsp; <\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 53.52mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Other legal advisors if any with names of Lead Lawyers<\/p>\n<\/td>\n<td valign=\"top\" colspan=\"1\" style=\"border-bottom-width: 0.85pt; border-bottom-style: solid; border-bottom-color: #000000; border-left-width: 0.85pt; border-left-style: solid; border-left-color: #000000; border-right-width: 0.85pt; border-right-style: solid; border-right-color: #000000; border-top-width: 0.85pt; border-top-style: solid; border-top-color: #000000; padding-bottom: 0.69mm; padding-left: 0.69mm; padding-right: 0.69mm; padding-top: 0.69mm; vertical-align: top; width: 132.55mm;\">\n<p style=\"line-height: normal; margin-bottom: 0.0mm;\">Cyril Amarchand and Mangaldas acted as the company&#39;s legal counsel.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DEAL DETAILS State Bank of India | Religare Finvest &#8211; Pre-insolvency resolution and related issues NO HEADINGS DETAILS 1. &nbsp; Name of <\/p>\n","protected":false},"author":8808,"featured_media":281515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[6791,54395,34954],"class_list":["post-281507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-khaitan-co","tag-religare-finvest","tag-state-bank-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Khaitan &amp; 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