Khaitan & Co advised Liberty House Group in relation to insolvency resolution of ARGL Limited under the Insolvency and Bankruptcy Code, 2016. ARGL is a group company of Amtek Auto Limited – the automotive component maker which was referred for corporate insolvency resolution process by the Reserve Bank of India in June 2017 as part of the 12 largest accounts classified as non-performing assets. The restructuring proposal in relation to ARGL, submitted by Liberty House Group (the client), was approved by 100% of the committee of creditors.
Liberty House Group is an industrial and metals company founded in the United Kingdom in 1992 by industrialist Sanjeev Gupta. It is headquartered in Mayfair, London and has global hubs in Dubai, Singapore and Hong Kong.
The core transaction team consisted of Ashwin Bishnoi (Partner), Charu Chitwan (Senior Associate), Pragalbh Priyakar (Associate) and Akarshita Dhawan (Associate). Manas Kumar Chaudhuri (Partner), Pranjal Prateek (Principal Associate) and Swati Bala (Associate) advised on the competition law related aspects of the transaction.
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