J. Sagar Associates (JSA) advised and assisted Ares SSG, a leading Asia- Pacific alternative asset manager, as the successful resolution applicant in the debt resolution of Altico Capital India Limited (“Altico”). Altico was undergoing an out of court lender driven debt resolution process. Lenders led by State Bank of India had formed a committee and initiated the resolution plan. In all, about 27 lenders have exposure to Altico. Ares SSG (through the entities identified by it) has acquired all outstanding loans and investments from Altico as part of the debt resolution process. This deal marks the first resolution of a stressed NBFC outside the Insolvency and Bankruptcy Code, 2016, through a lender driven process and represents Ares SSG’s single largest investment in India till date.
JSA team comprised Lead Partner – Aashit Shah, Partner – Utsav Johri, Principal Associates – Megha Saraf and Avantika Govil and Associates – Devika Vasandani and Ronak Jain.
Additionally, Principal Associates – Pallavi Banerjee and Fatema Kachwalla, Senior Associates – Ronak Thakkar and Nakul Sonejee and Associates – Neelasha Nemani and Ahsan Allana also assisted in the due diligence. Associate – Sahil Unadkat assisted with closing of the transaction. Partner – Vaibhav Choukse, Principal Associate – Ela Bali, and Associates – Nripi Jolly and Aditi Khanna provided preliminary Competition law advise.