Khaitan & Co advised and appeared on behalf of Aditya Birla Finance Limited in proceedings for recovery of debts due from Chenani Nashri Tunnelway Limited and Pune Sholapur Road Development Company Limited, which are special purpose vehicles ("SPVs") and subsidiaries of IL&FS and IL&FS Transportation Networks Limited ("ITNL") and advised the client on overall dispute strategies for securing the debt amounts, in the context of the sensitivities and complexities involved in matter, given the much publicised financial distress of IL&FS group entities and the existence of numerous other creditors to whom debts are due. The Hon'ble High Court was pleased to grant favourable orders restraining the SPVs as well as ITNL from disposing, encumbering or creating any further charge on any of their assets until the next date of hearing i.e. 7 December 2018.
Aditya Birla Finance Limited is among the leading well-diversified financial services company in India offering end-to-end lending, financing and wealth management solutions to a diversified range of customers across the country.
Chakrapani Misra (Partner), Ajay Bhargava (Partner), Ravitej Chilumuri (Principal Associate), Aseem Chaturvedi (Principal Associate), Wamika Trehan (Senior Associate) and Akash Karmarkar (Associate) represented the client on the transaction.