Firms To Watch: Restructuring and insolvency

With specialist lawyers in New Delhi, Bengaluru and Mumbai, Samvad Partners serves insolvency professionals, creditor banks and corporate debtors in insolvency proceedings, corporate restructurings  and distressed M&A sales. The practice assists clients across India and most recently has been involved in advising borrowers and lenders in the context of amendments to the IBC and new RBI guidelines introduced to combat the distress arising from the COVID pandemic.

Restructuring and insolvency in India

AZB & Partners

One of the foremost names in Indian restructuring and insolvency law, AZB & Partners‘s bench enjoys an esteemed reputation for handling large-scale proceedings for international stakeholders, from creditors and funds to distressed companies. Helmed by Bahram Vakil, the practice is actively engaged on various market firsts. Notably, Vakil, Nilang Desai and Suharsh Sinha currently represent RBI as administrator on Dewan Housing Finance Corporation’s multibillion-dollar restructuring; a market first in the financial services sector under the IBC. The group also advises on high-profile resolution and restructuring plans in the aviation sector and out-of-court resolutions for distressed NBFCs, with assistance provided by associates Saloni Thakkar and Komal Khare.

Practice head(s):

Bahram Vakil

Key clients


Rural Electrification Corporation

Varde Partners

Oaktree Capital

Alvarez & Marsal

Duff & Phelps


Davidson Kempner

Cerberus Capital


State Bank of India

Goldman Sachs

Carval Investors

Axis Bank


Sculptor Capital

Tata Capital

Work highlights

  • Advised Reserve Bank of India and the administrator of DHFL in relation to India’s first ever insolvency resolution process for a systemically important financial institution.
  • Assisting the resolution professional of Jet Airways and his transaction advisor, Grant Thornton with India’s first and largest CIRP for an airline company.
  • Assisting the resolution professional of Jhabua Power Limited and his transaction advisor, Alvarez & Marsal with the ongoing corporate insolvency resolution process of Jhabua Power Limited.

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas‘ restructuring and insolvency bench acts on high-profile proceedings across sectors as lead advisors to dominant banks and financial institutions operating in India. Practice chair L. Viswanathan led the team (which included Abhijeet Das, Richa Roy and a slew of associates) advising the committee of creditors in Dewan Housing Finance Corporation’s multibillion-dollar insolvency, a market first in the financial services sector. Dhananjay Kumar is a notable partner, having been a key advisor to SBI and other stakeholders in relation to the resolution of Yes Bank, and to various creditors’ committees and resolution professionals in other major proceedings across the steel, industrial and aviation sectors.

Practice head(s):

Cyril Shroff


‘The firm has assisted us with large and complex transactions. They have significant experience and knowledge in the field. Their in-depth knowledge is also attributable to the fact that they are actively involved in policy making and law advocacy initiatives. They have shown capability of delivering effective solutions to complex problems, arising during insolvency process.’

‘In this practice area, we have extensively worked with Mr. L Viswanathan and Mr. Madhav Kanoria. Mr. L Vishwanathan, along with his vast experience, is innovative and thoughtful in his approach. As a team, Mr. L Vishwanathan and Mr. Madhav Kanoria have always been solution oriented. They analyse all risks/eventualities in the case at hand and offer a solution, which suitably takes care of the interests of their clients.’

Key clients

Committee of Creditors of Dewan Housing Finance Corporation Limited (DHFL)

State Bank of India

Reliance Industries Limited

Bank of Baroda


Union Bank of India

Board of directors of Infrastructure Leasing & Financial Services Limited

Alvarez and Marsal

Eight Capital

JSW Group

Adani Group

IDBI Bank Limited

Committee of Creditors of the consolidated Videocon group companies

Yes Bank Limited

Work highlights

  • Engaged as the legal counsel to the committee of creditors of DHFL.
  • Advised SBI on a scheme proposed in relation to the restructuring and recapitalisation of Yes Bank Limited
  • Advised Reliance Projects & Property Management Services, undergoing corporate insolvency under the IBC.


JSA Law‘ restructuring and insolvency practice advises domestic and international stakeholders on high-value resolutions. Co-heads Aashit Shah and Varghese Thomas combine their respective banking and finance and dispute resolution expertise to navigate out-of-court restructurings and corporate insolvencies under the IBC on behalf of multinational creditors’ committees and resolution professionals. Of note is the team’s involvement in large-scale proceedings in the power, manufacturing, engineering and financial services sectors. The practice also negotiates on behalf of distressed companies.

Practice head(s):

Aashit Shah; Varghese Thomas


‘Well versed knowledgeable team support during entire CIRP process.’

‘The JSA team led by Aashit Shah are all-rounders with a birds eye view on the restructuring space in India as they work with key regulators, government agencies and clients. They have the unique combination of being technically sound, well priced, perfect turnaround time, well researched and professional in their approach. JSA are market leaders in the practice and their know-how is far ahead of many of their large competitors.’

‘Aashit Shah is an outstanding professional who has possesses the exact qualities a client would look for in their counsel. Aashit and his team are proficient in this space and are able to provide well researched advice which is almost spot on in terms being technically sound as well as pragmatic given the restructuring space being nascent and developing in India.’

‘The team at JSA is very thorough in their analysis of laws and facts and is painstakingly detail oriented. This gives us a lot of comfort to us as a client in large and complex transaction, where every small detail matters.’

Key clients

Standard Chartered Bank

Deutsche Bank

State Bank of India

Ares SSG Capital



Altico Capital India Pvt Ltd

Piramal Finance

Bank of Baroda

Mr. Vaaranasi Venkatachalam as the Resolution Professional

CDC Group Plc

Work highlights

  • Handled the out-of-court restructuring of the debt of the Suzlon Energy Limited and all its group companies.
  • Advising Ares SSG Capital Management in relation to the resolution proposal for debt resolution and restructuring of Altico Capital India Limited.
  • Advised the Committee of Creditors (CoC) comprising of Deutsche Bank AG Mumbai branch, Bank of India, Citi Bank N.A. India, Corporation Bank and Kotak Mahindra Bank in relation to the corporate insolvency resolution process (CIRP) of Ricoh India Limited.

Khaitan & Co LLP

Acting for a client roster comprising prestigious international financial institutions, Khaitan & Co LLP‘s restructuring and insolvency practice advises on large-scale resolution plans across the breadth of industries. Kumar Saurabh Singh , Rajeev Vidhani , Ashwin Bishnoi and Siddharth Srivastava are noteworthy names for all debt restructuring projects. Mehul Shah’s reputation extends to group insolvency processes under IBC guidelines, notably with regard to the acquisition of 13 companies comprising the Videocon Group on behalf of resolution applicant Twin Star Technologies. The group also advises lenders on distressed investments into India; Nikhil Narayanan is a key contact for such mandates.


‘Khaitan & Co is one of the premier law firms in India which houses an excellent team of lawyers having expertise in all sectors. They are like a one stop shop for any transaction.’

‘Siddharth Srivastava, Delhi is an outstanding professional to work with. He is a dependable, solution oriented professional who has a keen understanding of the Indian landscape and how to navigate a matter to meet client requirements. What makes Siddharth stand out to my mind, is his use of his technical knowledge and solution oriented approach that ensures that client requirement is met.’

‘Khaitan & Co. are undoubted market leaders in the restructuring space in India. They are have several partners practicing in this industry spread over restructuring services to promoters, bankers, insolvency professionals and individuals. They are a full-service law firm that has the competency to handle almost any matter, led by able, experienced individuals. The key strength is their network spread across India, being one of India’s largest law firms.’

‘Ashwin Bishnoi comes across as responsive, highly intelligent and very solutions oriented.’

‘Very professional and reputable firm. Specialised partners across a breadth of practice areas.’

‘I’m happy to commend Khaitan’s insolvency and restructuring practice, in particular Siddharth Srivastava, who is always such a joy to work with. Siddharth is very knowledgeable in this practice area. He is very active in advising committee of creditors, bidders and administrators in insolvency matters. I consider him a very safe pair of hands for handling the clients’ work. Very responsive and friendly.’

Key clients

Carval Investors Pte Limited

CG Power & Industrial Solutions Limited

Rattan India Power Limited

Resolution applicant Twin Star Technologies Limited

Dalmia Cement (Bharat) Limited

Jindal India Thermal Power Limited (BC Jindal Group)

Vedanta Limited

Brookfield Asset Management (acting through its entity named Vrihis Properties Private Limited)

Rajiv Chakraborty- Resolution Professional of Era Infra Engineering Limited (EIEL)

MCPI Private Limited (TCG Group)

Silver Point Capital

Max Estates Limited

IMR Metallurgical Resources AG

Tessitura Monti SPA in Amministrazione Straordinaria

Ashish Chhawchharia – Essar Power M P Limited

Antanium Holdings Pte Ltd. (formerly Triterras Holdings Pte. Limited) and Invent Assets Securitisation and Reconstruction Private Limited.

Mr. Mahender Kumar Khandelwal, Insolvency Resolution Professional (RP) and PricewaterhouseCoopers (PwC India)  for a number of cases

Rajeev Goel- Interim Resolution Professional of Sanwaria Consumer Limited (SCL)

Mr. Sundaresh Bhatt, Insolvency Resolution Professional (RP) and BDO Restructuring Advisors LLP (BDO) in relation to insolvency resolution processes (CIRP) of EMCO Limited (“Corporate Debtor”).

Kalpraj Dharamshi & Rekha Jhunjhunwala

Work highlights

  • Assisting and advising Carval Investors Pte Limited, the Singapore arm of Carval Investors LP which is an investment fund with global interests across countries and sectors, in the implementation of the NCLT-approved resolution plans for Uttam Galva Metallics Limited and Uttam Value Steels Limited (UVSL).
  • Acted as the legal adviser to the consortium of 16 lenders led by the State Bank of India in relation to the resolution process of CG Power under the aegis of the RBI’s 7 June 2019 Circular on Prudential Framework for Resolution of Stressed Assets including change in management, proposed preferential issue.
  • Acted as legal advisors to Jindal India Thermal Power Limited in relation to drafting of primary proposal, undertakings, resolution plan, and negotiation and finalization of master resolution agreement.

L&L Partners Law Offices

L&L Partners Law Offices represents stakeholders before the NCLAT and other major forums in complex insolvency and restructuring proceedings. A key contact is Bikash Jhawar, who advises clients on proceedings under IBC guidelines and the group represented the committee of creditors led by SBI in the sale of a large pharmaceuticals company under a multimillion-dollar insolvency plans. Former team head Sudhir Sharma  left the practice to join DSK Legal.

Other key lawyers:

Bikash Jhawar


‘L&L Partners have extensive knowledge and capabilities to advise on various fields of law. Very approachable at all times and render a comprehensive and a strategic oriented approach. The team has also ensured to keep themselves, as well as their clients and fraternity, well-informed on material development in the field of restructuring and insolvency by way of timely updates on the subject matter.’

‘With the lawyers coming with various expertise, a well-organized structure, willingness to deliver on time, solution-driven, and experience of handling of various litigation matters are some of the key elements for which we value L&L Partners and makes us select the firm as our preferred choice.’

Key clients

JSW Steel Limited: Bhushan Power and Steel

HDFC AMC Limited

Deloitte Touche Tohmatsu Limited

L&T Infra Debt Fund

India Infradebt Limited

IDBI Bank Limited

Yes Bank Limited

IFCI Limited

India Infrastructure Finance Company Limited

Work highlights

  • Representing JSW Steel Limited before the Hon’ble Supreme Court in the appeals filed by various parties against the order passed by the Hon’ble National Company Law Appellate Tribunal, by way of which the resolution plan of JSW Steel Limited for Bhushan Power Steel Limited submitted under Insolvency and Bankruptcy Code, 2016.
  • Represented ArcelorMittal, the successful resolution applicant in the insolvency resolution process of Odisha Slurry Pipeline Infrastructure Limited.
  • Advised and assisted the Board of Directors of Unitech Limited, which was appointed by orders of the Hon’ble Supreme Court (“Board”), in drafting, reviewing and finalizing a Resolution Framework for the Unitech Group.


Representing a portfolio of resolution professionals, creditors and distressed companies, Trilegal advises on and assists with out-of-court restructurings, financial recapitalisations, distressed acquisitions and company reorganisations. Key partners include Aniruddha Sen and co-heads Harsh Pais and Yogesh Singh. The team is acting for the successful bidder in Dewan Housing Finance Corporation’s headline IBC process. A recent join from Shardul Amarchand Mangaldas & Co, Nitesh Jain brings further insolvency expertise from a dispute resolution perspective; a particular strength is representing creditors in insolvency petitions before the NCLT.

Practice head(s):

Harsh Pais; Yogesh Singh

Other key lawyers:

Aniruddha Sen; Nitesh Jain

Key clients

Power Finance Corporation Limited (PFC)

Kohlberg Kravis Roberts & Co (KKR).

Piramal Capital and Housing Finance Limited

Asia Pragati Strategic Investment Fund (PAG)

Edelweiss Alternative Asset Advisors Limited

Aditya Birla ARC Limited

Axis Bank

Yes Bank

Assets Care & Reconstruction Enterprise Limited (ACRE)

Vedanta Limited

Etihad Aviation Group

Tata Chemicals Limited

Mack Star Marketing Private Limited (Mack Star)

Noble Resources International Pte. Ltd. (Noble)

CG Power and Industrial Solutions Limited

Oaktree Capital Management Pte. Ltd.

ICICI Bank Limited

China Development Bank

Export Import Bank of China

Industrial and Commercial Bank of China

J.C. Flowers Asset Reconstruction Private Limited

Värde Partners

SSG Capital Management Ltd


Goldman Sachs

SC Lowy

Work highlights

  • Advised Piramal Capital & Housing Finance Limited, a housing finance company of the Piramal group in connection with its resolution plan for DHFL.
  • Legal advisor and representative for the resolution professional of Uttam Galva Steels Limited, a company which is one of the largest manufacturers of cold rolled steel and galvanized steel in Western India.
  • Legal advisor and representative for the resolution professional of Sevenhills Healthcare Private Limited, a company which owns and operates two hospitals in Mumbai and Vizag, respectively.

Dhir & Dhir Associates

On behalf of distressed companies across all major sectors including telecoms, infrastructure, energy and real estate, Dhir & Dhir Associates‘ restructuring and insolvency team advises on debt restructuring and refinancing negotiations with lenders and other stakeholders under IBC guidelines. Co-heads Alok Dhir (also a chartered accountant) and Sachin Gupta field expertise in corporate rehabilitation as well as higher stakes insolvency proceedings, thus can provide full-scope strategic advice across the breadth of distressed situations.

Key clients

Jindal India Thermal Power Ltd

Jaypee Group

Telecom Regulatory Authority of India (TRAI)

Work highlights

  • Advising and representing Jindal India Thermal Power Ltd, developers of thermal power plants for generation and supply of electricity in the country, on its ongoing restructuring proposal with its Lenders under the RBI Circular 7th June 2019.

DSK Legal

Taking advantage of DSK Legal‘s equally strong advisory and litigation offerings, resolution professionals, creditors, liquidators and other stakeholders instruct the firm on out-of-court resolutions, restructurings under the IBC and formal proceedings before the NCLAT. Ongoing work displays significant activity in the chemicals, telecoms, real estate, steel and infrastructure sectors. Key partners include joint practice heads Ajay Shaw , Nirav Shah  and Niraj Kumar , and Ashish Pahariya. The team has been greatly boosted with the arrival of Sudhir Sharma from L&L Partners Law Offices.

Other key lawyers:

Ashish Pahariya; Sudhir Sharm


‘Ajay Shaw: articulate experienced legal expert.’

‘Ashish Pahariya: always being available to clear all doubts as well as guiding clients through the finer issues.’

Key clients

Kotak Investment Advisors Limited

UPL Limited

MTC Business Private Limited

Liberty House Group

SC Lowy

Prestige Estates Projects Limited

Arthit Investment Advisors Private Limited

Amit Jain (KPMG Restructuring), Resolution Professional for Neesa Leisure Limited

Shailen Shah (KPMG Restructuring), Resolution Professional for Dighi Port Limited and Vaayu Infrastructure LLP

Sutanu Sinha, Liquidator for IVRCL Limited

Mr. Ashish Arjunkumar Rathi, Liquidator of SBQ Steels Limited

Eicher Polaris Private Limited and Mr. Hitesh Goel (KPMG Restructuring), Liquidator of Eicher Polaris

Bank of India

BEML Limited

State Bank of India

LIC Pension Funds Limited

Work highlights

  • Advised and assisted Kotak Investments Advisors Limited in connection with the drafting, preparation and submission of a resolution plan in the corporate insolvency resolution process of Prius Commercial Projects Private Limited.
  • Advisor to Resolution Professional of Dighi Port Limited and thereafter assisting the implementation and monitoring committee with the implementation of the Resolution Plan.
  • Advised, assisted and represented the Liquidator of the Company with regard to the successful completion of the liquidation process of SBQ Steels Limited.

Economic Laws Practice

Comprising seasoned litigators and banking and finance experts, Economic Laws Practice‘s restructuring and insolvency offering takes on out-of-court resolutions and corporate insolvency proceedings under IBC rules. Clients of joint heads Sujjain Talwar , Naresh Thacker and Babu Sivaprakasam include financial investors, resolution applicants and creditors. Funds clients instruct the team on shareholder disputes arising from restructuring schemes.

Practice head(s):

Babu Sivaprakasam

Other key lawyers:

Yogesh Pirthani; Dhrupad Vaghani

Key clients

Resolution Professional of Videocon Group Companies

Diamond Forever International

Catholic Syrian Bank (CSB)

Resolution Professional of Ind Barath Thermal Power Limited

Liquidator of Sunil Hitech Engineers Limited

Liquidator of Tag Offshore Limited

Resolution Professional of KAIL Limited

Sify Technologies Limited (Sify)

State Bank of India, Chennai Branch

Tata Realty and Infrastructure Limited

IDBI Capital Markets & Securities Limited

NSR Advisors & others

Resolution Professional of Topworth Steels & Power Private Limited

Work highlights

  • Assisted Diamond Forever International with preparing a resolution plan.
  • Acted as the legal counsel TO CSB, which was one of the members of the committee of creditors of a real estate developer.
  • Acting as the legal counsel to the Resolution Professional of Reliance Naval and Engineering Limited.


IndusLaw represents resolution professionals, institutional creditors (including banking consortiums) and debtors in restructuring and insolvency proceedings under IBC guidelines. The bench — which includes Lomesh Kiran Nidumuri, Amit Jajoo and Sushmita Gandhi — regularly advises on cross-border, out-out-court strategies and actions through the NCLT.


‘They are easily approachable and always incorporate a solution centric approach.’

‘We have had a long standing relationship and they have always cooperated with every demand/requirement of the institution.’

Key clients

India Equity Partners

Silver Point Capital, L.P.

Resolution Professional of Tuticorin Coal Terminal Private Limited

Axis Bank Ltd

Yes Bank Ltd.

The Mauritius Commercial Bank

L&T Finance Ltd.

Alok Industries Limited

MSA Global Logistics Pvt. Ltd

Vaksh Steels Private Limited

Sri Ravinuthala Srinivasa Rao (Resolution Professional of Samyu Glass Private Limited)

Krishna Mohan Gollamudi (Resolution Professional)

Asset Reconstruction Company (India) Limited (ARCIL)

Kamini Metaliks Pvt. Ltd.

Mysmartprice Web Technology Private Limited

Vatika Ltd.

Work highlights

  • Advising and representing Dhiren Shah, resolution professional (RP) of Tuticorin Coal Terminal Private Limited on issues relating to powers of RP, validity of claims filed before RP, eligibility of resolution applicants and validity of resolution plan, transfer of title of goods supplied by operational creditors.
  • Representing Axis Bank in initiating corporate insolvency resolution process against NSL Renewable before the NCLT, Hyderabad Bench in respect of financial debt of over 86 crores.
  • Advising and representing Yes Bank in initiating corporate insolvency resolution process against Raghuleela Builders Private Limited; Radius Estate Exim Private Limited; Radius Infra holding Private Limited; E Commerce Magnum Solution Limited (‘Radius developer group entities’) and their guarantors.

Krishnamurthy and Co

Clients of Krishnamurthy and Co’s practice include creditors’ committees, resolution professionals and liquidators. Jointly headed by Ayush Agarwala, Aditi Mittal and Rukmini Roychowdhury, the team handles restructuring processes and also represents clients before the NCLT. The team is currently assisting Prius’ committee of creditors with implementing a high-value resolution plan.

Key clients

Committee of Creditors: Axis Bank Limited, Phoenix ARC, Oriental Bank of Commerce (Now Punjab National Bank), State Bank of India, Punjab and Sindh Bank

Credit Suisse Funds AG

Majority Committee of Creditors of Unimark Remedies Limited

State Bank of India

The liquidator during the liquidation process of the Biotor Industries Ltd.

The resolution professional during the corporate insolvency resolution of the Birla Cotsyn (India) Limited

Edelweiss Finance Limited and its affiliates

Work highlights

  • Advising the Committee of Creditors of Prius.
  • Represented Credit Suisse in challenging its rejected application to be accepted as financial creditor of BP Foods Limited.
  • Acted for the majority committee of creditors of Unimark Remedies.

Link Legal

Link Legal‘s restructuring and insolvency practice advises corporate lenders, resolution professionals and investors on formal IBC proceedings and out-of-court resolutions. Sector strengths are diverse; recent highlights occurred in the high-end fashion, infrastructure, shipping and manufacturing sectors. Featuring Anand Srivastava  and Nidhi Pathania, the team is adept at representing clients before the NCLT on high-stakes matters.


‘The Link Legal IBC team is one of the best in the Indian industry. They are versatile, have many lawyers working, sound knowledge of IBC. And compared to the top tier firms they provide same value at much better fees.’

‘Anand Srivastava, Namita Das and Milind Jha from LL. They are good technically, prompt and accommodative fee structure. Quality is comparable to the Tier-1 law firms. Always available on email and on phone.’

‘Link Legal is a mid-sized firm that provides advisory that at most times, is more sound and researched that their larger competitors. We have been working with them since 4 years and engage them on most of our assignments. Key advantages of working with Link Legal are: well priced, well researched and sound advisory, helpful and polite teams, enthusiastic.’

Nidhi Pathania and Abhishek Sharma both stand out as they support their clients like pillars of strength, are price flexible, never shirk work/calls and very dependable. In comparison to most other professionals – building a strong comfort in terms of depending on their advisory + work product exists with Link. Highly recommended.’

Key clients

GT Restructuring Services LLP

Gitanjali Gems Limited (GGL)

Era Infra Engineering Ltd. (EIEL)

ABG Shipyard Limited


Ind-Barath Power (Madras)

ACIL Limited

Nakshatra Brands Limited

BCIL Group Companies

Grant Thornton

Power Finance Corporation Ltd.

ACIL Limited (RBSA)

Jyoti Structures Limited

Nakshatra World Limited

Transparent Energy Systems Limited

Topworth Pipes and Tubes Limited

Duff & Phelps India Private Limited

State Bank of India

Indian Bank (Formerly Allahabad Bank)

SpiceJet Limited

John Cockerill India Limited

Work highlights

  • Advising the (erstwhile) Resolution Professional and member of the MC on the litigation strategy and is representing the Resolution Professional before various courts and tribunals towards completion of the corporate insolvency resolution process of Jyoti Structures Limited.
  • Advising the Liquidator of ABG Shipyard Limited before various courts and tribunals towards completing the liquidation of the ABG Shipyard Limited.
  • Advising the Resolution Professional on the litigation strategy and is representing the Resolution Professional before various courts and tribunals for obtaining the control and custody of the assets of GGL.

Phoenix Legal

Phoenix Legal assists with corporate restructurings and reorganisations for creditors and distressed companies alike. Regarding the latter, Saket Shukla recently assisted clients in infrastructure sector on complex schemes sanctioned through the NCLT while Abhishek Saxena  advised on global restructuring options for fashion and retail companies. The team advises investors on restructurings and carve out of target companies.


‘Professional attitude, knowledge, straightforward point-to-point answers.’

Key clients

Quaker Chemical Corporation (QCC).

L Brands Inc

The Bank of New York Mellon Corporation (BNY Mellon)

Asesorias e Inversiones Benjamin S.A./ South Lake One, LLC.

Anant Raj Global Limited

S C Lowy

Sojitz Corporation

Work highlights

  • Advising BNY Mellon in its claim as a financial creditor in the REI Agro’s liquidation process initiated under directions of the National Company Law Tribunal, Kolkata.
  • Advised South Lake on an investment in the SunEdison group in India (ultimately owned by SunEdison Infrastructure Limited, a listed company). The deal involved restructuring of SunEdison group to carve out its under development commercial and industrial solar power projects and certain other businesses into separate holding entities in India and the UK and investment by South Lake.
  • Advised Anant Raj group in successfully completing a complex reorganisation and restructuring of its promoter holdings, businesses and assets amongst the two founders of the group.