Key clients
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- Adani Power Limited
- Adani Global Air Cargo Solutions Private Limited
- Adani Agri Logistics
- Stat India Private Limited
- DLF Limited
- M/S DLF Info City Developers (Chennai) Ltd. And M/S Dlf Info City Hyderabad Ltd.)
- JSW Steel Ltd.
- M/S JSW Ispat Special Products Limited
- Tata Motors Limited
- M/S. VF Worldwide Holdings Ltd.
- Bharti Airtel Ltd.
Work highlights
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The firm is presently advising and representing the successful resolution applicant, Adani Power Limited in the CIRP of Essar Power MP Ltd. the holding company of Mahan Energen Limited which was set up to operate a 1200 MW thermal power plant in Singrauli, Madhya Pradesh. | |Essar Power was admitted into Insolvency vide an order dated 29.09.2020 passed by the Hon’ble NCLT, New Delhi. Adani Power Limited submitted its resolution plan which was approved by 100% vote by the Committee of Creditors. The Hon’ble NCLT granted its nod vide an Order dated 01.01.2021. The plan was challenged by several Operational Creditors including Central Transmission Utility of India Limited (“CTUIL”). CTUIL challenged the NIL treatment provided to the Operation Creditor under the plan. Notably, although the plan provided a payout of Rs. 2500 Crores, however, the same was merely 20.098% of the total admitted due. The Hon’ble NCLAT, New Delhi rightly obserevd that after payment of the CIRP cost and payment to the Secured Creditors which was valued at a Liquidation Value of Rs. 1733 Crores, nothing came into the kitty of the unsecured creditors. Therefore, the Hon’ble NCLAT upheld the plan vide its order dated 07.05.2024.| |CTUIL challenged the NCLAT order in the Hon’ble Supreme Court but the Hon’ble Supreme Court was pleased to dismiss the Appeal vide Order dated 29.07.2024, after observing that ‘no substantial question of law was involved in the appeal’ filed by the Appellant. | |Media Links: | |https://economictimes.indiatimes.com/industry/energy/power/adani-powers-resolution-plan-for-essar-power-unit-gets-nclt-approval/articleshow/87509167.cms?from=mdr
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M/s. Satellite Television Asia Region Limited (STAR) vs. Directorate of Enforcement, |Crl|. A. 566 of 2009||In this matter we are representing STAR Hong Kong, wherein an order with reference to a penalty imposed under FERA Act was challenged before the Hon’ble High Court of Delhi. |NTVI vs. Directorate of Enforcement, |Crl|. A. 572 of 2009||In this matter we are representing NTVI (now STAR India), wherein an order with reference to a penalty imposed under FERA Act was challenged before the Hon’ble High Court of Delhi.|Uday Shankar vs. State of NCT of Delhi & |Anr|., |Crl| MC No. 3131 of 2017||In this matter we are representing a senior official of STAR India and have challenged the FIR filed against STAR India and same is pending before the Hon’ble High Court of Delhi.
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Karanjawala & Company successfully represented M/s DLF Limited before the Hon’ble Supreme Court, which, vide its judgment dated 08.08.2024, settled key issues concerning the enforcement of an arbitral award expressed in foreign currency.| |The Court addressed two important questions:| |What is the appropriate date for determining the foreign exchange rate when converting an arbitral award expressed in foreign currency to Indian rupees?||How should the conversion be handled when the award debtor deposits a partial amount before the court during the pendency of proceedings challenging the award?|| |In its ruling, the Hon’ble Court held that:| |Under the statutory scheme of the Arbitration Act, a foreign arbitral award becomes enforceable only when objections against it are finally adjudicated. Accordingly, based on the Act and the principles established in |Forasol| v. Oil and Natural Gas Commission, the relevant date for determining the exchange rate for conversion is the date when the award becomes enforceable.|| |If, during the pendency of objections, the award debtor deposits an amount before the court and the award holder is permitted to withdraw it (even with a security requirement), the deposited amount must be converted based on the exchange rate prevailing on the date of deposit.|| |Once the deposited amount is converted, it must be adjusted against the remaining principal and interest due under the arbitral award. The balance amount should then be converted on the date the award becomes enforceable, i.e., when the objections are finally decided.|| |This landmark decision clarifies the framework for enforcing foreign arbitral awards in India, ensuring consistency in currency conversion and adjustment principles.|| |Media Links: | |https://www.reedsmith.com/en/perspectives/2024/10/timing-is-everything#:~:text=On%20August%208%2C%202024%2C%20the,the%20award%20into%20Indian%20rupees|.|| |https://www.mondaq.com/india/arbitration-dispute-resolution/1516432/currency-conversion-in-arbitral-awards-the-supreme-court-ruling-on-foreign-exchange-rates|| |https://www.livelaw.in/tags/dlf-ltd-formerly-known-as-dlf-universal-ltd-and-anr-versus-koncar-generators-and-motors-ltd|| |https://economictimes.indiatimes.com/news/india/supreme-court-clarifies-conversion-rate-for-foreign-arbitral-awards-says-award-enforceable-after-objections-decided/articleshow/112382916.cms?from=mdr||
Practice head
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Mr. Raian KaranjawalaMr. Raian Karanjawala