Integrated Capital Services Ltd · BSE:ICSL
Integrated Capital Services — Investor Presentation (February 2019)
40 slides from Integrated Capital Services's investor presentation, February 2019
Slide 1: Restructuring & Insolvency Situations in India
Restructuring & Insolvency Situations in India Status Update‐ Volume XVIII February 2019
Slide 2: Disclaimer
Disclaimer INTEGRATED CAPITAL SERVICES LIMITED • This document is presented solely for the internal use of the recipient to whom it is marked by Aurum Equity Partners LLP (Aurum) and Integrated Capital Services Ltd (ICSL) and cannot be published or disclosed in part or in whole to any third party wi
Slide 3: Glossary
Glossary INTEGRATED CAPITAL SERVICES LIMITED BFSI Banking, Financial Services and Insurance bn Billion CA Chartered Accountant CIRP Corporate Insolvency Resolution Process CoC Committee of Creditors CRFAB Consumer, Retail, Food, Agri and Beverages EOI Expression of Interest FY Financial Year HNI Hig
Slide 4: Index
Index INTEGRATED CAPITAL SERVICES LIMITED S. No. Section Page 1. Restructuring Status Update 5 2. Key Developments in February 2019 9 3. Status of Key cases 15 ‐ Key Cases – Resolution Plan Approved by NCLT 16 ‐ Key Cases – Liquidation Ordered by NCLT 20 ‐ Key Ongoing Cases 23 4. Annexures 32 ‐ Case
Slide 5: Restructuring Status Update
INTEGRATED CAPITAL SERVICES LIMITED SECTION Restructuring Status Update Strictly Confidential 5
Slide 6: Key Industry Statistics
Key Industry Statistics INTEGRATED CAPITAL SERVICES LIMITED Quantum of Unique Cases Filed* Sector Wise Allocation (by number of cases filed) Announced on IBBI website till 5th March 2019** Announced on IBBI website till 5th March 2019** 1,561 3% 3% 1% 2% 4% 0% 10% 22% Before Feb‐18 535 4% Feb‐18 55
Slide 7: Key Phases- Resolution Process
Key Phases‐ Resolution Process INTEGRATED CAPITAL SERVICES LIMITED Phases Timeline of the proceedings Activities to be undertaken Model Timeline Phase 1 First 30 days from the date of Commencement of CIRP and appointment of IRP T filing Public announcement inviting claims from creditors T+3
Slide 8: Phase wise Analysis- Cases with NCLT
Phase wise Analysis‐ Cases with NCLT* INTEGRATED CAPITAL SERVICES LIMITED Phase 1: First 30 days from the date of filing Phase 2: Day 31 to Day 150 85 363 Trimax IT Infra Soma Enterprises Santosh Overseas Pratibha Indus Konaseema Gas Transstroy India PSL Ltd Noida Software Parikh Fabrics Kwality Ltd
Slide 9: Key Developments in February 2019
INTEGRATED CAPITAL SERVICES LIMITED SECTION Key Developments in February 2019 Strictly Confidential 9
Slide 10: Key Legal/ Regulatory Developments
Key Legal/ Regulatory Developments INTEGRATED CAPITAL SERVICES LIMITED Key Circulars/ Notifications/ Amendments The Reserve Bank Of India vide its circular dated 7th February 2019 amended the ‘External Commercial Borrowings (ECB) Policy – ECB facility for Resolution Applicants under Corporate Insolv
Slide 11: Key Legal/ Regulatory Developments
Key Legal/ Regulatory Developments INTEGRATED CAPITAL SERVICES LIMITED Key Judgements In the matter of K. Sashidhar v. Indian Overseas Bank & Ors., The Hon’ble Supreme Court vide order dated 5th February 2019 made the following observations: The Insolvency and Bankruptcy Code (Second Amendment), 2
Slide 12: Key Legal/ Regulatory Developments
Key Legal/ Regulatory Developments INTEGRATED CAPITAL SERVICES LIMITED Key Judgements In the matter of SREI Infrastructure Finance Limited v. Sterling International Enterprises Limited, The The Hon’ble National Company Law Tribunal (“NCLT”), Mumbai vide order dated 12th February 2019 has held that:
Slide 13: Select New Cases in February 2019
Select New Cases in February* 2019 INTEGRATED CAPITAL SERVICES LIMITED OM Printing & Trimax IT Infra Photon Energy Usha Multipack PSL Ltd Flexible Packing IDV Tech Snehdaxa Radhey Sham Soma Noida Software Solutions Infrastructure Tandon MFG Enterprises Technology Oren Metro Mas Santosh Parikh Fabric
Slide 14: Key Developments from NCLT
Key Developments from NCLT INTEGRATED CAPITAL SERVICES LIMITED JMFARC filed an application with the ABG Shipyard’s CoC have voted in NCLT to initiate CIRP against Hotel favor of liquidation after rejecting Leelaventures which owes ~INR 60 bn two successive bids by Liberty House to its lenders AB
Slide 15: Status of Key Cases
INTEGRATED CAPITAL SERVICES LIMITED SECTION Status of Key Cases Strictly Confidential 15
Slide 16: Key Cases - Resolution Plan Approved by NCLT
INTEGRATED CAPITAL SERVICES LIMITED Key Cases – Resolution Plan Approved by NCLT Strictly Confidential 16
Slide 17: Key Cases - Resolution Plan Approved (1/3)
Key Cases – Resolution Plan Approved (1/3) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Accepted Bid Status Update^ Company Claims (INR mn) Cap* (INR mn) (INR mn) • Tata Steel emerged as the successful resolution applicant Bhushan Metals and • NCLT approved Tata St
Slide 18: Key Cases - Resolution Plan Approved (2/3)
Key Cases – Resolution Plan Approved (2/3) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Accepted Bid Status Update^ Company Claims (INR mn) Cap* (INR mn) (INR mn) • JSW Steel ‐AION Capital emerged as the lone bidder; Resolution Plan approved by CoC Monnet • NCLT on
Slide 19: Key Cases - Resolution Plan Approved (3/3)
Key Cases – Resolution Plan Approved (3/3) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Accepted Bid Status Update^ Company Claims (INR mn) Cap* (INR mn) (INR mn) • CoC approved Liberty House’s resolution plan by 99.94% on 5th July 2018 • NCLT approved the resoluti
Slide 20: Key Cases - Liquidation Ordered by NCLT
INTEGRATED CAPITAL SERVICES LIMITED Key Cases – Liquidation Ordered by NCLT Strictly Confidential 20
Slide 21: Key Cases - Liquidation Ordered (1/2)
Key Cases – Liquidation Ordered (1/2) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Liquidation Status Update^ Company Claims (INR mn) Cap* Value (INR mn) (INR mn) • Revised resolution plan submitted by Thriveni Earthmovers rejected by CoC Lanco • Resolution profess
Slide 22: Key Cases - Liquidation Ordered (2/2)
Key Cases – Liquidation Ordered (2/2) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Liquidation Status Update^ Company Claims (INR mn) Cap* Value (INR mn) (INR mn) • NCLT ordered the liquidation of the company on 24th August 2017 as no REI Agro CRFAB 47,450 5,218 FY
Slide 23: Key Ongoing Cases
INTEGRATED CAPITAL SERVICES LIMITED Key Ongoing Cases Strictly Confidential 23
Slide 24: Key Ongoing Cases (1/8)
Key Ongoing Cases (1/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • Lenders have submitted claims for INR ~590 bn against the group Videocon • NCLT has consolidated cases against
Slide 25: Key Ongoing Cases (2/8)
Key Ongoing Cases (2/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • NBCC, Kotak Investment, Cube Highways and Suraksha group were Jaypee shortlisted as bidders by the CoC Infratec
Slide 26: Key Ongoing Cases (3/8)
Key Ongoing Cases (3/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • CoC to decide whether to go ahead Era Infra with the CIRP or start with liquidation Engineering Infra 136,215 1
Slide 27: Key Ongoing Cases (4/8)
Key Ongoing Cases (4/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • RP has received EOI from a few Resolution Applicants; need to shortlist Resolution Applicants IVRCL*** Infra 10
Slide 28: Key Ongoing Cases (5/8)
Key Ongoing Cases (5/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • A group of investors led by Sharad Sanghi was the only resolution Jyoti applicant for the company Structures In
Slide 29: Key Ongoing Cases (6/8)
Key Ongoing Cases (6/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • Received EOI from 5 bidders • Currently, JSW Energy is the sole remaining bidder • CoC rejected the above bid c
Slide 30: Key Ongoing Cases (7/8)
Key Ongoing Cases (7/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • RP invited EOIs from interested parties Wind Power 47,107^ 22,542 FY07 NA 20‐Feb‐2018 • Lenders have recommende
Slide 31: Key Ongoing Cases (8/8)
Key Ongoing Cases (8/8) INTEGRATED CAPITAL SERVICES LIMITED Name of Industry Admitted Revenue FY Market Commencement Status Update^ Company Claims (INR mn) Cap* of Restructuring (INR mn) • SBI and Power Finance Corporation filed a petition against the company • Last date for submission of EOI was 27
Slide 32: Annexures
INTEGRATED CAPITAL SERVICES LIMITED SECTION Annexures Strictly Confidential 32
Slide 33: List of Cases filed with NCLT in February 2019
INTEGRATED CAPITAL SERVICES LIMITED List of Cases filed with NCLT in February 2019 Strictly Confidential 33
Slide 34: Cases admitted to NCLT in Feb-2019 (1/4)
Cases admitted to NCLT in Feb‐2019* (1/4) INTEGRATED CAPITAL SERVICES LIMITED S.No. Name of Corporate Debtor Date of Last Date for Industry Commencement of Submission of EOI Restructuring (90 days) 1 Kataria Packaging Pvt. Ltd. 25‐Feb‐19 26‐May‐19 Industrials 2 Agri Best India Ltd. 20‐Feb‐19 21‐May‐
Slide 35: Cases admitted to NCLT in Feb-2019 (2/4)
Cases admitted to NCLT in Feb‐2019* (2/4) INTEGRATED CAPITAL SERVICES LIMITED S.No. Name of Corporate Debtor Date of Last Date for Industry Commencement of Submission of EOI Restructuring (90 days) 21 IDV Technology Solutions Pvt. Ltd. 15‐Feb‐19 16‐May‐19 TME 22 Snehdaxa Infrastructures Pvt. Ltd. 06
Slide 36: Cases admitted to NCLT in Feb-2019 (3/4)
Cases admitted to NCLT in Feb‐2019* (3/4) INTEGRATED CAPITAL SERVICES LIMITED S.No. Name of Corporate Debtor Date of Last Date for Industry Commencement of Submission of EOI Restructuring (90 days) 41 Krishnai Hospital Pvt. Ltd. 12‐Feb‐19 13‐May‐19 H&P 42 Vaksh Steels Pvt. Ltd. 14‐Feb‐19 15‐May‐19 I
Slide 37: Cases admitted to NCLT in Feb-2019 (4/4)
Cases admitted to NCLT in Feb‐2019* (4/4) INTEGRATED CAPITAL SERVICES LIMITED S.No. Name of Corporate Debtor Date of Last Date for Industry Commencement of Submission of EOI Restructuring (90 days) 61 Sholingur Textiles Ltd. 04‐Feb‐19 05‐May‐19 Textiles 62 Neo Infrastructure Pvt. Ltd. 01‐Feb‐19 02‐M
Slide 38: About Aurum + ICSL Consortium
INTEGRATED CAPITAL SERVICES LIMITED About Aurum + ICSL Consortium Strictly Confidential 38
Slide 39: Aurum + ICSL Consortium
INTEGRATED CAPITAL Aurum + ICSL Consortium SERVICES LIMITED Aurum Equity Partners LLP ICSL Led by Sanjay Bansal, with 25 years of deal experience and Led by Sajeve Deora, is amongst top Restructuring one hundred and fifty successful transaction closures Professionals in India. Deep industry kn
Slide 40: Thank You
INTEGRATED CAPITAL SERVICES LIMITED Thank You Contact Persons: Sanjay Bansal Sajeve Deora Founder & Managing Partner Director Aurum Equity Partners LLP Integrated Capital Services Limited Tel: +91 124 4424477 Mob: +91 98119 03450 Mob: +91 98110 10810 Email: [email protected] Email: sanjaybansal
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