Dispute Resolution

Khaitan & Co advised Stonepeak Partners LLC on the proposed acquisition of Castrol Group Holdings Ltd from BP plc. (Seller), in a transaction valuing the Castrol business at an enterprise value of ~USD 10 billion. The Seller will retain a 35% non-controlling interest as part of the transaction.

Khaitan & Co successfully represented Nuvoco Vistas Corporation Ltd (“NVCL”) (successful resolution applicant) in securing the discharge of Vadraj Cement Ltd (“VCL”) in proceedings under the Prevention of Money Laundering Act, 2002 (“PMLA”) arising from the IL&FS Financial Services Ltd. money laundering matter.

Khaitan & Co represented Innova Captab Ltd in High Court of Gujarat under writ jurisdiction challenging illegal recovery and withholding of payments. Challenge to unilateral recovery of alleged risk purchase dues from a 2021 contract by deducting amounts from invoices raised under separate 2024–25 rate contracts without adjudication and without following principles of natural justice.

Khaitan & Co advised a consortium of resolution applicants comprising Oberoi Realty Ltd, Shree Naman Developers Pvt Ltd, and JM Financial Properties and Holdings Ltd in relation to legal due diligence, title due diligence and submission of resolution plan for Hotel Horizon Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP).

Khaitan & Co advised Torrent Power Ltd (Torrent) on execution of definitive documents for the acquisition of 100% of the equity stake and convertible instruments of Nabha Power Ltd (NPL) from L&T Power Development Limited, a wholly owned subsidiary of Larsen & Toubro Limited, for an enterprise value of INR 6,889 crores.

Khaitan & Co successfully represented Nuvoco Vistas Corporation Ltd (“NVCL”) (successful resolution applicant) in securing the discharge of Vadraj Cement Ld (“VCL”) in proceedings under the Prevention of Money Laundering Act, 2002 (“PMLA”) arising from the IL&FS Financial Services Ltd. money laundering matter.