Khaitan & Co advises a consortium of 16 lenders led by State Bank of India (“Lenders”) in relation to settlement of the outstanding debt liability

State Bank of India | Religare Finvest – Pre-insolvency resolution and related issues

NO

HEADINGS

DETAILS

1.

Name of Client

State Bank of India

2.

Deal Description

Advised a consortium of 16 lenders led by State Bank of India (“Lenders“) 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 (“RFL”). 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.

3.

Team Members

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:
For litigation related aspects: Vishnu Shriram (Principal Associate)
For tax related aspects: Vinita Krishnan (Director), Puru Medhira (Associate)

4.

Other legal advisors if any with names of Lead Lawyers

Cyril Amarchand and Mangaldas acted as the company's legal counsel.