AZB & Partners acted for the Resolution Professional (Pulkit Gupta and EY) in the successful Corporate Insolvency Resolution Process (CIRP) of Vadraj Cement Limited, which had been under winding-up with the Official Liquidator for over six years before its transfer to the NCLT, Mumbai.
The AZB team managed all aspects of the resolution process, including negotiation of the resolution plan, stakeholder engagement, and regulatory approvals under the Insolvency and Bankruptcy Code.
Core Deal Team:
Partners: Suharsh Sinha, Amrita Sinha
Senior Associate: Kushagra Pandey
Associates: Rahul Thomas, Idhika Agarwal, Rashi Priya
Litigation Support (Mumbai & Delhi):
Senior Partner: Anindita Roy Chowdhury
Partner: Vivek Shetty
Senior Associates: Aditi Bhansali, Nishant Upadhyay
Associates: Akilesh Menezes, Sushrut Garg, Aditi Nazre
Specialized Due Diligence & Advisory:
Mining: Partner Qais Jamal; Associate Prashant Munshi
Tax: Partner Aditya Singh Chandel; Associate Akshat Jain
Employment: Partner Ajay Singh Solanki
Tactical Guidance: Co-Founder & Senior Partner Bahram Vakil; Senior Partner Nilang T. Desai
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Deal Overview
Feature | Details |
|---|---|
Resolution Professional | Pulkit Gupta & EY |
Target | Vadraj Cement Limited |
Transaction Type | CIRP resolution under the Insolvency & Bankruptcy Code |
Sector | Cement |
Debt Resolved | ~₹9,600 crore |
Acquirer | Nuvoco Vistas Corporation Limited (Nirma Group) |
Status | Resolution plan approved (April 1, 2025) and fully implemented |
Regulatory Approvals | NCLT, Mumbai approval; completion of statutory compliance |
Strategic Significance
This resolution represents one of the largest in India’s cement sector under the IBC, clearing over ₹9,600 crore of stressed debt. For Nuvoco Vistas Corporation, it accelerates expansion by adding Vadraj’s asset and production capacity, strengthening its nationwide footprint. For the Insolvency Regime, it demonstrates the IBC’s efficacy in reviving long-stalled corporate assets and crystallizing value for creditors.
Why It Matters
Fintech & Legal Intersection: The deal underscores the critical role of specialist legal counsel in navigating complex multi-disciplinary issues—from insolvency frameworks to sector-specific regulations.
IBC Milestone: Having languished under the old winding-up regime, Vadraj’s turnaround validates the NCLT’s ability to deliver time-bound resolutions that benefit creditors, employees, and the broader economy.
Market Impact: As one of the largest cement resolutions, this sets a precedent for other legacy insolvent entities. It may incentivize both strategic and financial investors to pursue value creation through the IBC in infrastructure and manufacturing sectors.
Also read: Biocon Raises ₹4,500 Crore via QIP in Strategic Capital Market Move
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
