JSA advised Assets Care & Reconstruction Enterprise Limited (“ACRE”) in relation to the acquisition of stressed debt of up to INR 1500 crore of Nagarjuna Fertilizers and Chemicals Limited (“NFCL”) from a consortium of lenders of seven banks (“Consortium”). IDBI Bank Limited was the lead bank of the Consortium and other large lenders of the Consortium included the State Bank of India and ICICI Bank Limited.

JSA undertook due diligence of the underlying loans on behalf of ACRE and also assisted in finalisation of documentation for assignment of the debt in accordance with the guidelines issued by Reserve Bank of India inter alia for assignment of non-performing assets.  This is the largest deal for ACRE in the FY 2023 where the deal value is INR 1500 crore.

The transaction team consisted of Anish Mashruwala( Partner), Pratish Kumar( Partner),  Karan Abichandani( Senior Associate), Sonali Singh( Associate), Paaridhi Galundia( Associate). The Real Estate team consisted of Purnachandra Rao(principal Associate), while the Disputes team consisted of Fatema Kachwalla( Partner).