Practice Areas
Our Banking & Finance Practice offers clients a steady hand through the legal and regulatory structures that govern this complex and highly regulated sector. We address the full range of banking and finance matters, including complex and nuanced transactional and regulatory issues in a manner that is adapted to our clients’ requirements. The Firm advises on conventional financing as well as cutting-edge structured products. We handle Indian Rupee and foreign currency-denominated financing for major banks and market-leading borrowers. Our expertise includes advising on external commercial borrowings, refinancing, syndicated loans and club deals, reverse factoring, debt issuances, project finance, asset finance, corporate finance, equipment financing and leasing, bank branch establishment, and bankruptcy and restructuring, including proceedings under the Insolvency and Bankruptcy Code, 2016. We are recognised for our interdisciplinary approach; we specialise in finding solutions for a wide range of distressed financial situations.
Our team’s experience ranges from handling complex and diverse cross-border financing deals to restructuring and reorganising non-performing assets for banks and financial institutions and their onward sale to Asset Reconstruction Companies or other financial institutions. We advise and represent leading international and domestic banks and non-banking financial companies in their recovery and ancillary actions before relevant courts and tribunals.
We act for leading banks, NBFCs, and financial institutions, both domestic and international, as well as industry leaders across various sectors, such as entertainment, logistics, natural resources, ports, infrastructure, and telecommunications.
Indicative Experience
- Advising Safeway Concessions (part of the Macquarie Group Limited and comprising 9 Indian concessionaires) with respect to raising approx. INR 50 billion financing from Yes Bank Limited for funding the concession fee for the first Toll Operate Transfer concession package in India and subsequent and multiple reconstitutions of the lenders' consortium including refinancing of around INR 20 billion by HDFC Bank Limited.
- Advising Visakha Container Terminal Private Limited, a part of JM Baxi Group, with respect to raising the financing for the construction and operation of facilities at a new container terminal located at outer harbor, Visakhapatnam Port through (i) financial facilities approx. INR 3.9 billion from Indian lenders; and (ii) the issuance of unlisted, collateralised, redeemable, non-convertible debentures aggregating approx. INR 3.2 billion to a foreign portfolio investor related to a multi-lateral institution on a private placement basis.
- Advising Idea Cellular Limited (now Vodafone Idea Limited) with respect to:
- Non-fund-based facilities of INR 20 billion from State Bank of India;
- Syndicated financing of INR 32 billion led by IDBI Bank Limited;
- Financing of its telecom project by Bank of America and Toronto-Dominion Bank. This transaction was the first of its kind in the telecom sector and included an export credit facility from the Swedish National Export Credits Guarantee Board;
- Financing of USD 100 million from the International Finance Corporation to enable Idea Cellular Limited to strengthen and expand its network; and
- Bridge financing of INR 30.43 billion from State Bank of India.
- Advising SESA Sterlite Limited (now Vedanta Limited) with respect to the long-term finance for its thermal power plant in Orissa.
- Advising Suzlon Energy Limited and its subsidiaries with respect to USD 565 million financing from a syndicate of Indian and foreign lenders led by State Bank of India.
- Advising Lucid Colloids Limited with respect to USD 15 million external commercial borrowing from International Finance Corporation.
- Advising Tata Petrodyne Limited with respect to the refinancing of an existing facility aggregating USD 40 million availed by Dian Energy B.V., a subsidiary of Tata Petrodyne Limited, incorporated in the Netherlands (borrower), from Australia and New Zealand Banking Group Limited and Axis Bank Limited.
- Advising Maersk Trade Finance with respect to various financing products offered to their clients in India.
- Advising NIIF Infrastructure Finance Limited (formerly known as IDFC Infrastructure Finance Limited) with respect to:
- Refinance of a solar project of CleanMax Photovoltaic Private Limited; and
- Acquisition of project loan of INR 500 million extended by HDFC Bank to Amplus Power Solutions Private Limited and extension of additional loan of INR 200 million to Amplus Power Solutions Private Limited.
- Advising and representing Jyoti Structures Limited with respect to the restructuring of its debt through the Joint Lender’s Forum, Strategic Debt Restructuring, and outside Strategic Debt Restructuring stages.
- Representing State Bank of India led core consortium consisting of ICICI Bank Limited, Edelweiss Asset Reconstruction Company Limited, and IDBI Bank Limited with respect to a dispute over priorities of claim amongst members of consortium in the resolution process of Essar Steel India Limited under the Insolvency and Bankruptcy Code, 2016.
- Advising HSBC France S.A. with respect to the debt restructuring and resolution plans being framed by a consortium of lenders for each of Reliance Communications Limited, Reliance Infratel Limited, and Reliance Telecom Limited in the context of the facilities extended by HSBC France S.A. to Reliance Telecom Limited.
- Advising the Braj Binani Group on restructuring and refinancing of their debt portfolio, including successfully resisting enforcement actions taken by lenders.
- Advising Edelweiss Group with respect to:
- Restructuring debts of approx. INR 88 billion of Adhunik Power and Natural Resources Limited;
- Restructuring debts of group companies of Parental Drugs (India) Limited;
- Restructuring debts of Kohinoor CTNL Infrastructure Company Private Limited and subscribing to secured, rated, and listed non-convertible debentures aggregating to INR 4.75 billion issued by Kohinoor CTNL Infrastructure Company Private Limited as per the resolution plan approved by NCLT; and
- Additional security provided as a part of Mantri Metallics Private Limited's debt restructuring.
- Advising S.M.I.L.E Microfinance Limited with respect to transfer of its standard and non-standard assets to Northern Arc Capital Limited.
- Advising a syndicate of banks led by Axis Bank Limited with respect to INR 3.81 billion financing of Columbia Asia Global, a global healthcare company. This transaction also involved an external commercial borrowing facility of USD 30 million by members of the syndicate.
- Advising IDBI Bank Limited and EXIM Bank with respect to USD 250 million financing for Wockhardt Bio AG, a subsidiary of the pharmaceutical giant Wockhardt Limited.
- Advising Axis Bank Limited with respect to:
- USD 340 million facility to RHC Financial Services (Mauritius) Limited, which was subsequently extended to include a USD 98 million facility to RHC Financial Services (Mauritius) Limited;
- USD 45 million facility to RHC Financial Services (Mauritius) Limited; and
- USD 242 million facility to Fortis Healthcare International Pte. Limited.
- Advising Federal Bank Limited with respect to:
- Facilities aggregating USD 20 million from Bank of Baroda, New York branch;
- Facilities aggregating USD 100 million from International Finance Corporation; and
- Facilities aggregating USD 30 million from Axis Bank Limited, Hong Kong branch.
- Representing Standard Chartered plc, London, with respect to fraud defalcation claim in India in excess of USD 10 million.
- Advising DCB Bank Limited with respect to its acquisition of certain assets of Abu Dhabi Commercial Bank PJSC consisting of loans, cash credits, bank guarantees, and liabilities such as fixed deposits, current and savings accounts.
- Advising State Bank of India with respect to:
- INR 40 billion loan facility to an electricity distribution company;
- INR 20 billion financial facilities to Aseem Infrastructure Finance Limited for on-lending purpose and working capital facilities of INR 500 million;
- INR 15 billion financial facilities to Axis Finance Limited;
- INR 6.17 billion financial facilities to IIFL Finance Limited;
- INR 3 billion financial facilities to IIFL Finance Limited;
- INR 5 billion financial facilities to IIFL Home Finance Limited; and
- INR 1.5 billion financial facilities to Shriram City Union Finance Limited.
- Advising IDFC FIRST Bank Limited with respect to its investment in the listed secured Non-Convertible Debentures aggregating to INR 970 million issued by H.G. Infra Engineering Limited on a private placement basis.
- Advising CaixaBank S.A. and Banco Santander SA. with respect to EUR 40 million financing for Elsamex S.A.
- Advising India Factoring and Finance Solutions Private Limited with respect to a proposed loan of INR 670 million to Synergies Castings Limited.
- Advising Edelweiss group with respect to the:
- Issuance and subsequent redemption of non-principal protected, unlisted, unrated, redeemable non-convertible debentures aggregating to INR 25.4 billion.
- Issuance of the listed, secured, market linked non-convertible debentures on private placement basis, for an aggregate amount of INR 550 million.
- Advising Growth Source Financial Technologies Private Limited with respect to standardising its lending documents, lending to educational institutions, lending to other non-banking financial companies, and its tie-ups with digital lending applications.
- Advising InVenture Capital Corporation on the regulatory framework governing the operation of NBFCs in India including as to the eligibility parameters and the process relating to procuring a fresh NBFC registration.
- Advising dLocal, a Uruguayan financial technology company providing cross-border payments connecting global merchants to emerging markets, with respect to providing services in the Indian market.
- Advising Shri Ram Finance Corporation Private Limited with respect to securitisation of approx. INR 320 million through the issuance of the pass-through certificates.
Testimonials
Highly qualified team acting on the full range of corporate matters including M&A, foreign direct investment and joint ventures. Provides general corporate advice to major companies, financial institutions and investors on both the sale and purchase sides. Provides support to private equity and venture capital entities as well as target companies on the entire life-cycle of investment and fund issues. Handles fund formation, management buyouts, minority and controlling-stake acquisitions and a range of follow-on transactions. Notable ability in the financial services, telecommunications, logistics and energy sectors.
They are very thorough, proactive and knowledgeable.
They are a competent team, very capable.
They are customer centric and respond in detail to points raised or opinion sought. They are not ambiguous in their response.
MP Bharucha is lauded by market sources as “one of the leading lawyers in the country” who “has been on the top of his game for a long time. Active on a range of commercial disputes, he maintains a particularly high reputation as a litigator in the Mumbai market.”
Alka Bharucha “boasts a stellar reputation in corporate transactions. She is renowned for her expertise in cross-border M&A as well as her proficiency in providing advice on general corporate issues, in particular within the power, telecommunications and banking sectors.”
Hiroo Advani “is highly sought after for the breadth of his experience in arbitration issues. He often takes on cases in the energy, infrastructure and construction sectors.”
Justin M Bharucha “specialises in foreign direct investments in highly regulated sectors. He is regularly active on complex cross-border transactions, utilising his deep knowledge of inbound and outbound M&A.”
Vandana Pai “commands a strong reputation among market commentators, who praise her excellence in providing assistance with private equity transactions. Her clients are effusive with praise, with one reporting: ‘She foresees business and legal issues and is very proactive in addressing potential concerns.’
We receive top-notch partner time. They are realistic in negotiations, which results in the work being handled faster in a more congenial atmosphere.