Krishnamurthy and Co | View firm profile
Krishnamurthy & Co. (K Law) advised a consortium of lenders comprising of Axis Bank Limited, HDFC Bank Limited, IndusInd Bank Limited, and Canara Bank, and led by Axis Bank Limited, in connection with restructuring certain working capital facilities aggregating up to INR 430 Crore granted to a leading Indian non-renewable power producer operating coal based thermal power plants in Central India.
The informal restructuring of the working capital facilities involved one-time-settlement of all accrued unpaid interests and costs and restructuring of the repayment plan for the principal and future interests. The overall settlement and restructuring plan involved restructuring of the working capital facilities and restructuring of certain rupee term loan facilities granted by the rupee term lenders including REC Limited and Power Finance Corporation Limited amongst others.
K Law advised the working capital lenders and was involved in drafting, negotiating, and finalising various transaction documents in connection with the settlement and restructuring of the working capital facilities, including additional security and guarantee documents. K Law was also involved in reviewing, negotiating, and finalising various common transaction documents executed inter alia by the working capital lenders together with the rupee term lenders, including the inter creditor agreement and the trust and retention account agreement. K Law also advised the working capital lenders on various legal and regulatory issues pertaining to the transaction.
The transaction was led by Zeeshan Khan (Partner) assisted by Anirban Roy Choudhury (Principal Associate) and supported by a team of associates.
The rupee term lenders were advised by Khaitan and Co.
The borrower entity is a leading coal powered thermal power generator in India and operated, amongst others, a 2×300 MW coal based thermal power plants in Chhattisgarh.