The Firm acted as lenders’ legal advisor to Power Finance Corporation Ltd. and Indian Renewable Energy Development Agency Ltd. for the due diligence and documentation pertaining to financial assistance in form of rupee term loan of up to INR 1635.5 Million sanctioned to Goodwatts WTE Ahmedabad Pvt. Ltd. (a wholly-owned subsidiary of Abellon Cleanenergy Ltd.) for the purpose of designing, building, constructing, operating and maintaining 14.9 MW waste to energy power project based on municipal solid waste at Shahwadi Village, Ahmedabad District in the state of Gujarat.

The scope of work included reviewing concession agreement and other project-related documents, conducting due diligence of the borrower company, drafting of the resolutions and certificates as per precommitment conditions of the sanction letters, drafting of the financing and security documents and issuing opinion on the legal issues.

The Firm acted as legal advisors to L&T Infra Debt Fund Ltd. and other consortium lenders for conducting the due diligence pertaining to financial assistance (including the working capital facility) of up to INR 1,330 Million sanctioned to Sadipali Solar Pvt. Ltd. for the purpose of operating and maintaining 20 MW Solar PV Power project based on the photovoltaic technology in the state of Odisha.

The team included Girish Rawat, Partner, Varun Chauhan, Senior Associate, and Ashneet Chhabra, Associate. The scope of work included conducting due diligence of the borrower company and the project, drafting of the resolutions and certificates as per pre-commitment conditions of the sanction letter of the lenders and issuing an opinion on the legal issues.

The Firm acted as legal advisors to HDFC Bank Ltd. for the due diligence and documentation pertaining to the proposed financial assistance of up to INR 730 Million sanctioned to Kakatiya Institute of Oncology Pvt. Ltd., Sathavahana Institute of Oncology Pvt. Ltd. and Oncochain Healthcare Services Pvt. Ltd. (a wholly-owned subsidiary of Haragovind Enterprises Pvt. Ltd.) for the purpose of designing, building, financing, constructing, operating and maintaining various oncology centers being set up in the State of Uttar Pradesh and Telangana.

The scope of work included conducting due diligence of the borrower companies, drafting of the resolutions and certificates as per pre-commitment conditions of the sanction letter of the lender, drafting of the financing and security documents and issuing an opinion on the legal issues.

The Firm has advised, strategized and instituted proceedings for recovery of a sum of over Rs.1900 Crore on behalf of Lenders (Power Finance Corporation, Housing, and Urban Development Corporation Ltd. and India Infrastructure Finance Company Ltd.). The proceedings for recovery of the amount have been initiated under the provisions of the RDDB&FI Act, 1993 and the same are pending adjudication before Debts Recovery Tribunal-II, Delhi. The Firm has been instrumental in obtaining certain interim reliefs for the Lenders as the amount for recovery involved in the matter is very high. The Firm has obtained reliefs such as (i) restrain on Defendants from alienating any of their movable and immovable assets, (ii) restrain on transfer by way of sale, lease or otherwise any of their assets, (iii) any sale proceeds to be deposited with Lender holding interest on the said asset. Defendants have been further directed to file a detailed affidavit of assets. The scope of work included advising, strategizing and drafting of the Original Application, coordinating with Lenders and appearing before the Debts Recovery Tribunal and protecting the interest of the Lenders involved.

The Firm acted as legal advisors to Tata Cleantech Capital Ltd. for the due diligence and documentation pertaining to the proposed financial assistance of up to INR 127.00 Million sanctioned to Clean Max Enviro Energy Solutions Pvt. Ltd. for the purpose of designing, building, financing, constructing, operating and maintaining various rooftop solar power projects in the states of Rajasthan, Uttar Pradesh, and Tamil Nadu.

The team included Girish Rawat, Partner, Varun Chauhan, Senior Associate, and Ashneet Chhabra, Associate. The scope of work included conducting due diligence of the borrower company and the various rooftop solar power projects in the states of Rajasthan, Uttar Pradesh and Tamil Nadu, drafting of the resolutions and certificates as per pre-commitment conditions of the sanction letter of the lender, drafting of the financing and security documents and issuing opinion on the legal issues.

The Firm acted as legal advisors to Saraswat Cooperative Bank Ltd. for the limited due diligence and documentation pertaining to the financial assistance of up to INR 150 Mn sanctioned to Renew Saur Vidyut Pvt. Ltd. (a wholly-owned subsidiary of Renew Solar Energy Pvt. Ltd.) for part repayment of the unsecured loans availed by Renew Saur Vidyut Pvt. Ltd. from its promoters for the operation and maintenance of the 5 MW rooftop solar power project in the premises of Toyota Kirloskar Motor Pvt. Ltd. at Bidadi Industrial Area, Ramnagara District in the state of Karnataka.

The scope of work included conducting limited review of the power purchase agreement executed by the borrower company with Toyota Kirloskar Motor Pvt. Ltd., drafting of the financing and security documents, drafting of the resolutions and certificates as per pre commitment conditions of the sanction letter of the lender, drafting of ancillary certificates, letters and undertakings and issuing opinion on the legal issues.

The Firm has advised IREDA for the financial assistance of upto INR 125.81 Crores sanctioned to Goodwatts WTE Rajkot Pvt. Ltd. for the process of setting up and implementing of 14.90 MW waste to energy power project based on municipal solid waste at dumpsite at Nakrawadi Village, Rajkot District, Gujarat on design, build, own, finance and operate basis. The scope of work included drafting of financing and security documents conducting due diligence on the Company and project documents and issuing opinions on the legal issues.
The team was led by Girish Rawat, Partner along with Amit Prakash, Principal Associate, Ujjwal Kumar, Senior Associate and Vaibhav Shrivastav, Associate.

The Firm acted as the Borrower’s Legal Counsel, to Fortum Solar India Pvt. Ltd., for the term loan facility aggregating up to INR 8780.00 Mill and working capital facility aggregating up to INR 420.00 Mill sanctioned by SBI for the purpose of repayment of the existing lenders of the borrower and for working capital requirements of the borrower (respectively) in relation to 250 MW AC solar power plants of 50 MW AC each at Pavagada, District Tumkur, in the State of Karnataka in the Pavagada Ultra Mega Solar Park constructed and implemented by Karnataka Solar Power Development Corporation Ltd. One of the key factors of the transaction is the long-term low-cost financing benefits under the dedicated EUR 600 million renewable energy financing program of the European Investment Bank (EIB), as a result of a collaboration of EIB with State Bank of India. The team included Girish Rawat, Partner, Varun Chauhan, Senior Associate and Ashneet Chhabra, Associate.

The Firm acted as the Lenders’ Legal Counsel to India Infradebt Ltd., for the financial assistance of up to INR 6150.00 Million as rupee term loan to the 3 (three) SPVs of the Atria group, for the purposes of repayment of the exiting project indebtedness of the respective SPVs and investment in wind/ solar power projects being setup in the Atria group. The transaction involved a co-obligor structure wherein each SPV has undertaken to provide support to each other in case of any shortfall in the debt servicing of the lender(s) of any SPV.

The scope of work included conducting due diligence of the borrower companies, its promoters and respective project documents, drafting of the financing and security documents, reviewing title search report of the local counsel(s) and issuing opinion on the legal issues.

The Firm acted as legal advisors to IndusInd Bank Ltd. in the matter of financial assistance of up to INR 2076.00 Million (including non-fund-based facility limits) sanctioned to TP Luminaire Pvt. Ltd., a wholly owned subsidiary of the Tata Projects Ltd., for the purpose of part financing the project cost of replacement of the existing street lights with the energy efficient LED street lights in: (i) NOIDA in the state of Uttar Pradesh; (ii) Ludhiana in the State of Punjab; and (iii) Nashik in the State of Maharashtra; installation of control systems along with the operation and maintenance of the same (collectively as “Projects”).

The Firm conducted limited corporate due diligence of the borrower company, review of the various project documents in relation to the projects, drafting of the resolutions and certificates as per pre-commitment conditions of the sanction letter of the lender, drafting of the financing and security documents and issuing opinion on the legal issues