DSK advised and assisted the consortium comprising of Yura Business Partners LLP & Gupta Steel Corporation Private Limited (“Resolution Applicants”) with respect to submission of a resolution plan in the corporate insolvency resolution process of Mayur Pankh Properties Private Limited (“Corporate Debtor”) as per the provisions of the Insolvency and Bankruptcy Code, 2016.

The corporate insolvency resolution process of the Corporate Debtor commenced on December 18, 2018, pursuant to the order of the Hon’ble National Company Law Tribunal, Mumbai Bench. On May 17, 2023, the NCLT, Mumbai Bench has approved the resolution plan submitted by the consortium of Resolution Applicants.

We advised the Resolution Applicants in terms of structuring the transaction, payouts to creditors, drafting the resolution plan, attending meetings of the committee of creditors. Post approval of the plan by the NCLT, we advised the Resolution Applicants with implementation of the Resolution Plan and successful takeover of the Corporate Debtor.

The team representing DSK Legal comprised of Mr. Ajay Shaw (Partner), Mr. Ashish Pahariya (Partner), Ms. Anisha Kumar (Principal Associate) and Mr. Zaid Mansuri (Senior Associate). Mr. Varun Kalra (Associate) assisted with filing certain caveats in the NCLAT. Mr. Sajit Suvarna (Partner) and Mr. Viral Rathod (Principal Associate) advised on certain real estate aspects of the transaction.