Global advisory and investment firm Nithia Capital (Nithia), has acquired Crest Steel and Power out of bankruptcy for a total consideration of Rs 600 crore (around $80 million).

It acquired Crest in partnership with Amalgam Steel Pvt Ltd. with Nithia retaining majority control of the partnership.

L&L Partners Law Offices advised Crest Steel and Power Private Ltd (CSPPL) on the deal, advised and acted initially for the Resolution Professional of CSPPL right from the inception of the CIRP, i.e. the Insolvency Commencement Date till its conclusion. i.e. approval of the resolution plan by the Adjudicating Authority.

The team consisted of Partner Nakul Sachdeva and Managing Associates – Aakarshan Sahay, Damandeep S. Bhalla and Ms. Ambika P. Swain.

The Cuttack bench of the National Company Law tribunal had cleared the resolution plan in November 2021.

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