Global recognition in 2023! Recipient of a Turnaround Management Association (TMA) Award
- Decode Automated
- Sep 30, 2023
- 3 min read
Updated: Oct 2, 2023
A historic moment for India's stressed asset industry, a celebration of our Insolvency Law, and an absolute honor for us to have the opportunity to be a part of it! It is difficult to contain our excitement about this one...
About the Transaction: Decode Resolvency International (an Insolvency Professional Entity) had the opportunity to support Mr. Dushyant C Dave - our Group Chairman - in the insolvency resolution process of National Steel and Agro Industries Limited. 179 days later, JSW Steel's resolution plan was approved by the Committee of Creditors. The plan value was about $80M), 80% higher than the liquidation value of the business.
After Alvarez & Marsal (A&M) in 2020 for their tremendous work for the Essar Steel transaction in the mega turnaround category, we are only the 2nd Indian company in TMA's 30 year history to win this award - and the only homegrown entity to do so!
About TMA Global: The Global Turnaround and Management Association, headquartered in Chicago, is the world's foremost organization for corporate restructuring with over 10,000 members across 54 chapters worldwide. Members include turnaround specialists, insolvency practitioners, attorneys, advisors, liquidators, academia, government and more (TMA website).
About the 2023 Award: Since 1993, TMA has conducted an annual award that is meant to recognize excellence in the most successful turnaround and impactful transactions globally. These are chosen after a rigorous peer-review process by an Awards Committee consisting of 13 professionals who are leaders in the industry. This year, in 2023, we are honored to report that we have won the "Mid-Size Turnaround and Transaction of the Year Award" for our work in the resolution of National Steel and Agro Industries Limited. TMA's press release contains more information on the award itself, the jury, the due diligence process and more.
NSAIL, now a part of the $25B JSW Group
The JSW Group is an ideal investor in this business with synergies in operations, procurement, marketing, and sales. Over three decades, the JSW Group has grown from a single manufacturing unit to becoming India’s leading integrated steel company. It's production capacity is 28 million metric tons per annum (across units in India and USA). With a culturally diverse global workforce, the JSW Group directly employs~40,000 people.
As a manufacturer of Hot Rolled Coils, JSW's acquisition insulates NSAIL from supply chain concerns and represents a key piece in the puzzle for JSW as a backward integration transaction. Such vertical consolidation, along with future expansion plans, also helps the JSW Group increase its market share and improve margins
The Dream Team
It takes a village..
"It takes a village to raise a child" is a phrase that denotes the importance of community and support systems alongside the primary care-givers (parents). In that spirit, the dream team on this transaction includes representatives from all the various stakeholders in this transaction. This award is a tribute to the team that has pulled together - both before, during and after our tenure - to see this transaction through.
In Oscars style, hopefully without boring our reading audience, here goes:
Mr. Dushyant C Dave: Our Group Chairman and Insolvency Professional in this matter leading the entire transaction.
The JSW Group as the Successful Resolution Applicant:
Special mention to Mr. Sharad Mahendra, Mr. Sanjay Goel, Mr. Kaustubh Kulkarni, Mr. Gopi Sarathy, Mr. Ashok Jain (x2), Ms. Nikita Bedmutha, Mr. Ravi Sabherwal, Mr. Harshil Dalal, Mr. Sabyasachi Dutta;
Supported by reputed law firm Cyril Amarchand Mangaldas' Mr. L Viswhanathan, Mr. Madhav Kanoria and their team
JM Financial Asset Reconstruction Company Limited, the secured creditors in this transaction, for giving us the opportunity to conduct this process.
Special mention to Mr. Kumar Gaurav, Mr. Harish Lalchandani and Mr. Akshay Shetty
The management and erstwhile promoters of NSAIL, for being exemplary custodians and cooperative sounding boards throughout the process.
Special mention to Mr. Santosh Shahra and Mr. Vishesh Shahra; and executives Mr. Nirmal Jain, Mr. Vijay Koshti, Mr. Deependra Singh, Mr. Manish Bajoria, Ms. Anusha Chandwani, Ms. Rupali Mittal, Mr. Satish Nagar
All others who contributed and supported our efforts to resolve this unit in record time - apologies for anyone missed out inadvertently.
Finally, group company Decode Resolvency International, led by Mr. Nishit Dave and Ms. Khushali Brahmbhatt, that ran the entire transaction.
Case Study - The National Story
Check out our comprehensive and in-depth case study on this entire transaction here: The National Story - An IBC Success!
Explore the NSAIL plant with a drone captured video:
About Us
The Decode Group is a growing network of companies facilitating business transformation. Our vision is to reimagine how organizations operate and are specialists in change management. Our mission is to contribute effectively in India's growth story through transformational projects that positively impact Human Capital.
Have questions or want to explore synergies? Write to us at hello@thedecodegroup.com or check out our website.
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