Mahender Kumar Khandelwal Corporate Insolvency Resolution Professional

 I am Mahender Kumar Khandelwal is a registered insolvency professional and a Chartered Accountant. I have successfully completed CIRP assignment of Bhushan Power and Steel Ltd. (lenders exposure >47,000 cr, recovery of ~ 19,700 cr. is at ~ 42%) I bring over 26 years of experience that spans across various areas within finance and financial advisory services. I specialize in the field of resource mobilization, financial restructuring of distressed companies, settlement of debt and regulatory compliance. I have worked extensively on projects involving corporate debt restructuring, rectification advisory, restructuring and settlement of liabilities, fund raising, private placement of equity, OTS and expansion funding etc. for clients across various industry sectors like retail and consumer, metals, pharmaceutical, financial services, auto, etc.

I have a track record of advising more than 100 corporates in wide spectrum of industries, Power, Infrastructure and real estate.

Erstwhile Resolution Professional for 5 Prius Group Entities namely -
1. Prius Commercial Projects Private Limited;
2. Pawan Impex Private Limited;
3. Sharan Hospitality Private Limited;
4. SVIIT Software Private Limited; and
5. Payne Realtors Private Limited

All the group entities were engaged in the leasing business, providing commercial space to top companies and firms - both domestic and international.

The debt-ridden companies were successfully resolved despite the real estate market going for a dive during the pandemic outbreak of Covid 19. Two of the 5 companies were resolved with No Haircut tot the Secured Financial Creditors.

Past Experience

• Apr 2018 – Aug 2019 : Partner & Leader of Business Recovery Services (BRS) practice at PwC India, and re-built BRS practice including restructuring services.

 • 2017- 2018 : Partner with BDO India LLP, started BDO Restructuring Advisory LLP, and built BRS Practice in India

• 2005 – 2017 : Founder of M/s Varrenyam Consultants Pvt Ltd, and Varrenyam Financial Advisory Services LLP. Varrenyam was a boutique financial advisory services firm specialized in the field of financial restructuring of distressed companies, settlement of debts, and resource mobilization.

 Turnaround in completed CIRP cases: 1. M/s Bhushan Power and Steel Limited as Interim Resolution professional and Resolution Professional

• There has been an all-round growth and complete turnaround in the operations of the company since the commencement of CIRP. When RP took control over BPSL, capacity utilization was meagre at 47% with production level of 82,000 MT per month and EBITDA loss

 • Due to a combination of vibrant CoC and decisions taken by the proactive RP for enhancement of capacity utilization, the Company is operating at 75% to 80% capacity utilization with production level at 160,000 Metric Ton per month and positive EBITDA. During CIRP period generated EBITDA >2000 cr and reduced the statutory and worker liabilities and also improved working capital levels

• Due to turnaround and improvement in operations, Resolution applicants improved their bid amount from 12,000 cr to 19,000 cr. Ensured smooth operations while managing 15,000 employees across 9 locations and provided increments to the employees.

Bhushan Power and Steel : Order Highlights

 The National Company Law Tribunal (NCLT), Principal Bench, has approved JSW Steel Ltd's resolution plan for Bhushan Power and Steel vide its order dt. Sept. 6, 2019.

The aforesaid order is a big validation for the RP and the main highlights are as below:

 ✓ The order passed by the NCLT records that JSW Steel emerged as the "successful Resolution Applicant" after an "extensive evaluation" by the Committee of Creditors in consultation with the representatives of the operational creditors, individual resolution applicants and Directors of Bhushan Steel.

✓ In relation to points raised by various OCs, the NCLT order stressed that the RP has acted with diligence and as per applicable laws. (The Hon'ble NCLT vide its judgement has found no merit in contrary claims raised by the OCs.)

 ✓ The Hon'ble NCLT also noted that substantial compliance was made by the RP in regard to giving sufficient opportunity to OCs and promoters for perusal of the resolution plans.

 ✓ The judgment noted that 'the CoC has been a vibrant house with complete participation of the erstwhile members of the Board of Directors and Operational Creditors apart from Financial Creditors’ ✓ The judgement also noted that ‘The process undertaken by the RP and minutes of meeting of CoC conducted by him do not leave any manner of doubt that the process is fair and transparent.