SAM, Khaitan, CAM, Trilegal act on RattanIndia ₹6,574 crore Debt Resolution, first deal outside of NCLT

Distressed power producer Rattanindia Power Ltd has completed a debt resolution of ₹6,574 crore through a one-time settlement scheme, led by a consortium of investors including Goldman Sachs and Varde Partners.

The firm’s consortium of 12 lenders led by Power Finance Corp. Ltd (PFC) agreed to take a 38% haircut against their exposure of ₹6,575 crore to RattanIndia Power. Of the entire existing principal debt amount, ₹4,050 crore has been assigned to a new set of investors and lenders which includes Goldman Sachs and Varde Partners, through the Aditya Birla ARC Ltd, reported Mint.

Shardul Amarchand Mangaldas & Co advised the consortium led by Power Finance Corporation and the team was led by Partner Anoop Rawat, along with Senior Associate Sagar Dhawan, and Associates Vimal Asthana and Yalini Ravi.