Khaitan & Co advised Liberty House Group in relation to insolvency resolution of Castex Technologies Limited under the Insolvency and Bankruptcy Code, 2016. Castex is a major iron-cast auto component provider and was part of Reserve Bank of India's second list of 28 large corporate defaulters, which was released in August 2017. The restructuring proposal in relation to Castex submitted by Liberty House Group (the client), was approved by 98.8% of the committee of creditors.
Liberty House Group is an industrial and metals company founded in the United Kingdom in 1992 by industrialist Sanjeev Gupta. It is headquartered in Mayfair, London and has global hubs in Dubai, Singapore and Hong Kong.
The core transaction team consisted of Ashwin Bishnoi (Partner), Charu Chitwan (Senior Associate), Tarang Shashishekhar (Senior Associate), Ankur Saxena (Associate), Pragalbh Priyakar (Associate), Manan Jain (Associate), Akarshita Dhawan (Associate) and Kriti Wattal (Associate). Manas Kumar Chaudhuri (Partner), Pranjal Prateek (Principal Associate) and Swati Bala (Associate) advised on the competition law related aspects of the transaction.
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