DSK Legal advises Imagicaaworld Entertainment regarding Rs 500 crore resolution plan

LE Desk

New Delhi, June 30, 2022: DSK Legal has advised and assisted Imagicaaworld Entertainment Limited, a public listed company, in relation to the resolution plan in the open competitive bidding process undertaken by Union Bank of India or the solicitation of binding bids from eligible bidders for assignment/one-time settlement of the debt obligations of the Company, the Law Firm has said.

In a press statement, the Firm said it advised and assisted the Company in, inter alia: 

(a) Advising on and addressing various legal queries in relation to the investment in listed equity shares by way of Preferential Allotment by the Acquirer (through its nominee, Malpani Parks Private Limited), the acquisition of outstanding debts by the ARC and the one-time settlement of the debts by the ARC as well as implementation of the Resolution Plan;

(b) Structuring and advising on the legal strategy and way forward with respect to the investment in listed equity shares by way of Preferential Allotment by the Acquirer (through its nominee, Malpani Parks Private Limited), the acquisition of outstanding debts by the ARC and the one-time settlement of the debts by the ARC;

(c) Drafting, reviewing, negotiating and finalizing the drafts of the transaction documents for the investment in listed equity shares by way of Preferential Allotment by the Acquirer (through its nominee, Malpani Parks Private Limited), the acquisition of outstanding debts by the ARC and the one-time settlement of the debts by the ARC including the Investment Agreement, the Debt Restructuring cum Settlement Agreement and the Memorandum of Understanding (collectively, the “Transaction Documents”);

(d) Advising and assisting in relation to Preferential Allotment in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and for implementation of the terms and conditions of the Resolution Plan including drafting of the necessary documents in relation thereto;

(e) Advising on requisite regulatory filings pertaining to the aforesaid transactions and the Transaction Documents;

(f) Advising and assisting on closing of the aforesaid transactions including advising and assisting on the fulfilment of conditions precedent, drafting/reviewing of the conditions precedent documents, closing documents, etc. as may be required for effectuating the aforesaid transactions and reviewing completion deliverables and the corporate secretarial documents;

(g) Providing our legal opinion with respect to closing of the aforesaid transactions for the management and key managerial personnel of the Company; and

(h) Providing other necessary legal assistance with respect to the implementation of the Resolution Plan.

The Resolution Plan submitted by the Acquirer envisaged the settlement of the outstanding loans availed by the Company from its lenders against payment of Rs 500 crore.

The DSK team representing the Company for all aspects with respect to the aforesaid transactions comprised of Mr. Ajay Shaw (Partner), Mr. Ashish Pahariya (Partner), Mr. Soham Mookherjee (Principal Associate) and Ms. Anisha Kumar (Principal Associate), the statement said.