Khaitan assists Resurgent Power in acquiring South-East UP Power Transmission

Resurgent Power (Resurgent Power Ventures Pte Ltd) acquired South East UP Power Transmission Company Limited (SEUPPTCL), a company undergoing corporate insolvency resolution process under the scheme of the Insolvency and Bankruptcy Code, 2016, and settled the debt of all existing creditors as per the terms of the resolution plan for a total consideration of ₹3,251 Crores.

Khaitan & Co acted as legal counsel to Resurgent Power in this deal.

The core team consisted of Kumar Saurabh Singh (Partner), Vivek Mishra (Principal Associate), Ashwij Ramaiah (Senior Associate), Savni Tewari (Principal Associate) and Pratiksha Agarwal (Associate).

Due diligence and other assistance: Akhil Bhatnagar (Partner), Devendra Deshmukh (Partner), Rajeev Vidhani (Partner), Niyati Bhatt (Principal Associate), Swati Bala (Principal Associate), Karan Dattani (Senior Associate), Rahul Pai (Associate) and Siddhant Kumar (Associate).

SEUPPTCL was incorporated as a special purpose vehicle formed by Uttar Pradesh Power Transmission Corporation Limited on 11 September 2009 to implement and operate the specified intra-state transmission system for a period of 35 years under public private partnership model on Build-Own-Operate-Maintain & Transfer (BOOT) basis. SEUPPTCL has approx. 1,500 Km of Transmission Line (765 kV and 400 kV) and 5 substations (765 kV and 400 kV). Pursuant to implementation of the Resolution Plan, SEUPPTCL has become a wholly owned subsidiary of Resurgent Power.

Resurgent Power is a joint venture enterprise co-sponsored by Tata Power Limited and ICICI Venture Funds Management Company Limited

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