Shardul Amarchand Mangaldas & Co advised the resolution applicant, JK Paper (JKPL) in the corporate insolvency resolution process of The Sirpur Paper Mills (TSPML). The Resolution Professional in the IBC proceedings was Mr. Ram Ratan Kanoongo.

This is amongst the first resolution plans to be approved by the National Company Law Tribunal, Hyderabad bench (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) in a record time of 50 days from the date of filing of the resolution plan. The Resolution Plan was filed before the NCLT on May 29, 2018 and was approved by the NCLT on July 19, 2018.

Shardul Amarchand Mangaldas & Co. advised the resolution applicant, JKPL, on all aspects of the corporate insolvency resolution process of TSPML including advising on the structuring, drafting of the resolution plan, real estate advisory, competition law, representation before the NCLT and advising on all other aspects from drafting and submission of the resolution plan up to approval of the resolution plan by the NCLT. The Firm is also advising on all aspects of acquisition of TSPML by the resolution applicant/nominees pursuant to the order of the NCLT.

The real estate team advising on property law aspects and other regulatory matters was led by Mrinal Kumar, Partner; and included Mr. Sourav Nath, Senior Associate and Ms. Shrutikirti Kumar, Senior Associate.

The litigation team handling the court-process in relation to the corporate insolvency resolution process before the NCLT was led by Ms. Misha, Partner and Mr. Ameya Gokhale, Partner; and included Mr. Vaijayant Paliwal, Senior Associate.

The competition team advised the resolution applicant on notifiability of the transaction and was led by Ms. Shweta Shroff Chopra, Partner and included Ms. Sonali Charak, Associate.

Shares of the company gained Rs 3.7, or 3.72%, to trade at Rs 103.05. The total volume of shares traded was 48,253 at the BSE (1.27 p.m., Friday).