On 6 August 2025, IBBI issued a ‘Discussion Paper - Measures to enhance integrity of the Corporate Insolvency Resolution Process (CIRP)’ (Discussion Paper) with the intent to have the members of the committee of creditors (CoC) play an active role in ensuring compliance with statutory mandates including eligibility criteria under Section 29A of the Code, disclosures regarding beneficial ownership and applicability of Section 32A of the Code.
Khaitan & Co advised Japan Bank for International Cooperation (JBIC) in relation to a loan facility extended to State Bank of India acting through their branch in GIFT City, Gujarat. The loan was co-financed by Mizuho Bank, Sumitomo Mitsui Banking Corporation (SMBC) and the Bank of Yokohama, Ltd. The proceeds will be utilised by State Bank of India to finance lending programs to foster the development of eligible automotive component enterprises, automotive dealers, automotive financers and EV (electric vehicle) charging station developers and projects in India.
Khaitan & Co advised Sage in relation to the acquisition of Fyle. Fyle makes expense management effortless and instant for small and medium sized businesses by automating every interaction between employees, finance teams, and accounting systems. Its AI-driven platform embeds receipt capture within everyday apps and surfaces real-time insights to slash month-end close times. Sage is a global leader in accounting, financial, HR and payroll technology for small and mid-sized businesses.
Khaitan & Co advised Nuvoco Vistas Corporation Limited (“Nuvoco”) in relation to the acquisition of Vadraj Cement Limited (“Vadraj”) pursuant to the implementation of Nuvoco's resolution plan approved by the committee of creditors of Vadraj and the National Company Law Tribunal, Mumbai bench by way of its order dated 01 April 2025. Following the same, Nuvoco moved the Special PMLA Court in Mumbai and was able to get a restoration of assets order for the assets of Vadraj attached by the Enforcement Directorate, Mumbai in the ILFS proceedings.
RBI has long shaped India's project financing landscape through numerous regulations addressing time overruns, classification norms for projects under implementation, and various prudential guidelines, resulting in a complex regulatory framework. To standardise project financing norms across all regulated entities, the RBI issued the Reserve Bank of India Project Finance Directions, 2025 ("Directions") on 19 June 2025.
Khaitan & Co advised Samvardhana Motherson International Ltd in connection with its issuance of listed non-convertible debentures, aggregating up to INR 2025 crores, bearing a coupon of 6.80% p.a. payable annually with a tenure of 5 years, on a private placement basis (“Issue”). The Issue has been assigned “AAA / Stable” ratings by various credit rating agencies. SBI Capital Markets Limited played a pivotal role as sole arranger and anchor investor to the Issue.
Khaitan & Co advised Torrent Pharmaceuticals Ltd on its proposed acquisition of a stake in J.B. Pharma from KKR, valuing J.B. Pharma at INR 25,689 crores. The deal includes acquisition of KKR’s 46.39% stake in J.B. Pharma for INR 11,917 crores, an open offer for acquisition of up to 26% stake of J.B. Pharma, a potential 2.80% stake purchase from certain employees and a proposed merger of J.B. Pharma with Torrent.
Khaitan & Co acted as the legal counsel to Credit Agricole Corporate and Investment Bank in relation to a term loan facility aggregating up to INR 250 crores extended to Greenko RJ01 IREP Pvt Ltd for funding project costs.
The Firm acted as the lender’s legal counsel and had the primary role of: (i) drafting, negotiating and finalizing the financing documents; (ii) assisting in completion of the conditions precedent/ conditions subsequent; and (iii) execution assistance and closing of the transaction.
Arijit Sarkar is a Partner in the Banking and Finance practice group in the Mumbai office. He has experience in all kinds of financing including debt capital market, structured finance, cross border financing and project financing.
Khaitan & Co advised JSW Paints Ltd in relation to a transaction for acquisition of a stake up to 74.76% in Akzo Nobel India Ltd (ANIL) from Akzo Nobel N.V. and its affiliates for a consideration of ~INR 9,403 crores, subject to certain closing adjustments ("Proposed Transaction"). The Proposed Transaction is subject to the approval of the Competition Commission of India and the completion of a mandatory tender offer to the public shareholders of ANIL.
