We are pleased to inform that Argus Partners has successfully advised Tega Industries Limited (“Tega”) in obtaining approval from the Kolkata bench of National Company Law Tribunal for the resolution plan submitted for acquisition of McNally Sayaji Engineering Limited (“MSEL”), which was undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.

The scope of engagement involved undertaking a due diligence of MSEL, drafting of the resolution plan and finalization of the same basis negotiation with representatives of Resolution Professional and Committee of Creditors and representing the interest of Tega before the NCLT during consideration of approval of the plan.

Once implemented, the acquisition of MSEL would represent Tega`s first acquisition in India and the same is expected to enhance value for the company and its shareholders, marked by revenue growth and margin expansion opportunities in medium term.

The transaction team consisted of Krishnava Dutt (Managing Partner), Arka Majumdar (Partner) and Juhi Wadhwani, Vikram Chaudhuri (Associates). The transaction team was also assisted by Siddhant Satapathy (Associate) in conducting due diligence.

The disputes team consisted of Soorjya Ganguli and Pooja Chakrabarti (Partners) and Kiran Sharma (Associate).

Read more at: Times of India, Business Standard.

March 13, 2023

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