Know your IP: Ashish Chhawchharia makes the grade with high profile insolvency cases
Ashish Chhawchharia, a chartered accountant by qualification, leads the restructuring practice for Grant Thornton in India. He is an FCA and an Insolvency Professional registered with the IBBI.
According to his LinkedIn profile, Ashish Chhawchharia has ‘good knowledge of the Insolvency regime and stressed assets resolution strategies’. He has expertise in turnaround services, financial and operational restructuring; interim management, M&A, bid advisory and due diligence reviews as well as advising on Insolvency and Restructuring solutions for both businesses and lenders.
He has experience across multiple industry verticals such as banking and capital markets; aviation; metals & mining; power, textiles; healthcare and real estate. He is a member of INSOL International and INSOL India and sits on or chairs various Chamber committees on stressed assets resolution including FICCI, ASSOCHAM and Indian Chamber of Commerce.
Assignments
Chhawchharia has handled five large cases of corporate insolvency resolution process (CIRP) – including that of Jet Airways.
Jet Airways ceased operations in April 2019. After a prolonged bankruptcy process, the NCLT approved the Jalan-Kalrock Consortium’s bid in June 2021. However, the consortium’s inability to meet its financial commitments has led to the liquidation of Jet Airways. The insolvency case of Jet Airways turned out to be a complex case, where the resolution professional along with the lenders had to go against the successful resolution applicant, and finally managing to get a favourable decision in the Supreme Court.
Chhawchharia’s another big CIRP was that of Odisha Slurry Pipeline Infrastructure Ltd, which ended in resolution with Arcelor Mittal India emerging as the successful resolution applicant. The resolution plan had a provision of upfront payment of Rs 2,360 crore.
Another CIRP overseen by Ashish Chhawchharia was that of Sintex-BAPL. The case ended in resolution with Welspun Group emerging as the top bidder in March 2023. The resolution resulted in recovery of Rs 1,200 crore for financial creditors.
Ashish Chhawchharia has also handled the CIRP of Essar Power M.P that involved Rs 20,000 crore creditors’ dues. It ended with the approval of Adani Power’s Rs 250-crore resolution plan.
Chhawchharia is currently handling the CIRP of Coffee Day Enterprises and Riverbank Developers.
Also See: Performance of Insolvency Professionals
