Saraf and Partners

Saraf and Partners advised ASK Property Fund, the real estate investment arm of the ASK Asset & Wealth Management Group, on contractual and strategic advisory aspects in connection with ASK’s exit from a residential real estate project of the Mahagun Group in Noida. As reported by The Economic Times, ASK Property Fund recently completed its exit from the project, marking a successful culmination of its investment. Our role involved advising ASK on contractual structuring, stakeholder coordination and transaction strategy, supporting the achievement of the exit outcome in alignment with the parties’ commercial objectives. The transaction underscores the importance of carefully calibrated contractual and strategic guidance in facilitating complex real estate exits in dynamic market conditions. The transaction team was led by 𝐁𝐢𝐤𝐚𝐬𝐡 𝐉𝐡𝐚𝐰𝐚𝐫 and 𝐒𝐚𝐧𝐣𝐞𝐞𝐯 𝐒𝐡𝐚𝐫𝐦𝐚 (Senior Partners), 𝐒𝐚𝐭𝐚𝐝𝐫𝐮 𝐆𝐨𝐬𝐰𝐚𝐦𝐢 (Partner) and comprised 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐂𝐡𝐚𝐧𝐬𝐨𝐫𝐢𝐚 and 𝐃𝐢𝐯𝐲𝐚 𝐉𝐨𝐬𝐡𝐢 (Principal Associates), 𝐏𝐮𝐫𝐮 𝐁𝐚𝐧𝐬𝐚𝐥 (Senior Associate) and 𝐏𝐮𝐫𝐮 𝐁𝐚𝐧𝐬𝐚𝐥 (Associate). Read more about the transaction: economictimes.indiatimes.com/industry/servi… #DealAnnouncement #MahagunGroup #ASKPropertyFund #Noida #RealEstate #SarafandPartners

Saraf and Partners acted as legal counsel to ASK Property Fund, the real estate private equity arm of the ASK Group, in structuring and documenting two secured non-convertible debenture issuances aggregating up to INR 340 Crores in favour of the Mantra Group for financing the development of large-scale residential projects across Pune and Mumbai. The underlying real estate projects had been acquired through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, with approved resolution plans from the NCLT. Our mandate involved drafting, reviewing and negotiating the debenture trust deeds and the broader suite of transaction documents across both issuances. A key aspect of the transaction was that the investment was underpinned entirely by assets acquired through the insolvency resolution process, which required careful analysis of the NCLT orders and the approved resolution plans, and the drafting of the debenture documentation to appropriately account for the rights, obligations and conditions flowing from those orders. Additionally, one of the projects involved an SRA redevelopment, which added a further layer of complexity — requiring the documentation to address legacy obligations towards existing tenants and housing societies, and to ensure compliance with the rehabilitation framework alongside the debenture holders' interests. The documentation was crafted to ensure that the commercial expectations and investor protection constructs were appropriately aligned across both issuances, while balancing the unique risks of insolvency-acquired assets with the operational flexibility required for the platform's long-term objectives. The transaction team was led by Partner, 𝐒𝐚𝐭𝐚𝐝𝐫𝐮 𝐆𝐨𝐬𝐰𝐚𝐦𝐢, and included Principal Associate, 𝐀𝐛𝐡𝐢𝐬𝐡𝐞𝐤 𝐂𝐡𝐚𝐧𝐬𝐨𝐫𝐢𝐚, and Associate, 𝐂𝐡𝐢𝐫𝐚𝐠 𝐂𝐡𝐚𝐜𝐡𝐚𝐝. Read more about the transaction here: Business Standard: business-standard.com/companies/news… The Economic Times: economictimes.indiatimes.com/industry/servi… moneycontrol.com: moneycontrol.com/news/business/… #DealAnnouncement #DebtFinancing #RealEstate #Mumbai #SarafandPartners

Saraf and Partners advised 𝐚 𝐜𝐨𝐧𝐬𝐨𝐫𝐭𝐢𝐮𝐦 𝐨𝐟 𝐬𝐢𝐱 𝐥𝐞𝐧𝐝𝐞𝐫𝐬, 𝐥𝐞𝐝 𝐛𝐲 𝐈𝐂𝐈𝐂𝐈 𝐁𝐚𝐧𝐤 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 in connection with term loan facilities aggregating to INR 44.149 billion (Facility) extended to 𝐒𝐄𝐈𝐋 𝐄𝐧𝐞𝐫𝐠𝐲 𝐈𝐧𝐝𝐢𝐚 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 (Borrower), a leading independent power producer (IPP) operating a 2,640 MW supercritical coal-based thermal power plant in Krishnapatnam, Andhra Pradesh (Project). The Facility was utilized for refinancing the existing term debt exposure availed by the Borrower for funding the project cost and enabled the Borrower to transition from a corporate guarantee backed term debt exposure to an asset-backed borrowing framework. The Firm also engineered a seamless transition where India Infrastructure Finance Company Limited (IIFCL) took over a portion of the term debt exposure from the incoming lenders, which necessitated devising and documenting a sophisticated legal framework allowing IIFCL to accede into the consortium, in a time sensitive manner. The Firm comprehensively handled the legal due diligence, structuring, closing of all financing documentation and advised the lenders on complex takeout finance and intercreditor arrangements. The transaction team was led by our Partner, 𝐑𝐨𝐡𝐢𝐭 𝐑𝐚𝐠𝐡𝐚𝐯𝐚𝐧, and included Senior Associate, 𝐀𝐚𝐲𝐮𝐬𝐡 𝐒𝐮𝐧𝐞𝐣𝐚, and Associate, 𝐊𝐡𝐮𝐬𝐡𝐢 𝐀𝐠𝐫𝐚𝐰𝐚𝐥. #DealAnnouncement #PowerProject #ProjectFinance #SarafandPartners

Happy Women’s Day to the women who shape our workplaces, our communities and our future. At Saraf and Partners we are proud to support progress towards greater gender equality in the legal profession and remain committed to creating opportunities for women to lead and thrive. #InternationalWomensDay #WomeninLaw #SarafandPartners

Team Saraf and Partners wishes everyone a vibrant and Happy Holi! May this festival of colours bring renewed energy, harmony, and success to you. #Holi #FestivalofColours #SarafandPartners

We are proud to share that Saraf and Partners has been recognised by the @ChambersGuides 𝐆𝐥𝐨𝐛𝐚𝐥 𝐆𝐮𝐢𝐝𝐞 𝟐𝟎𝟐𝟔 across four leading practice areas — Corporate/M&A, Banking & Finance, Capital Markets, and Projects, Infrastructure & Energy. The rankings are backed by stellar feedback from the Chambers research team, recognising the quality and impact of our work. #ChambersandPartners #GlobalGuide2026 #LawFirmRankings #LeadingLawFirm #SarafandPartners

Saraf and Partners is pleased to have advised 𝐓𝐫𝐮𝐞 𝐂𝐫𝐞𝐝𝐢𝐭𝐬 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 (“Company”) on its issuance of INR-denominated, senior secured, unlisted and unrated redeemable non-convertible debentures (NCDs) aggregating up to USD 75 million on a private placement basis to CIM, a foreign portfolio investor. The issuance was structured and documented under a Debenture Trust Deed (with 𝐂𝐚𝐭𝐚𝐥𝐲𝐬𝐭 𝐓𝐫𝐮𝐬𝐭𝐞𝐞𝐬𝐡𝐢𝐩 𝐋𝐢𝐦𝐢𝐭𝐞𝐝 as Debenture Trustee) and a Debenture Subscription Letter, secured by a first-ranking exclusive hypothecation over receivables in favour of the trustee for the benefit of the debenture holders. This bespoke financing framework enables on‑balance‑sheet funding for the origination of new eligible receivables, aligning the Company’s capital raise with its receivables‑backed growth strategy. The transaction was led by 𝐒𝐚𝐭𝐲𝐚𝐝𝐚𝐫𝐬𝐡𝐢 𝐊𝐮𝐧𝐚𝐥 (Partner), with 𝐊𝐡𝐮𝐬𝐡𝐢 𝐒𝐡𝐚𝐫𝐦𝐚 and 𝐏𝐫𝐚𝐭𝐲𝐮𝐬𝐡 𝐉𝐞𝐧𝐚 (Associates) providing key support in structuring, drafting, negotiating and finalising the transaction documents and related legal opinions. 𝐀𝐦𝐢𝐭 𝐆𝐮𝐩𝐭𝐚 (Partner) advised the on potential tax implications on the security provided by Company’s parent company to secure the debentures. 𝐀𝐛𝐢𝐫 𝐋𝐚𝐥 𝐃𝐞𝐲 (Partner) provided strategic inputs on structuring and other key legal aspects on the deal. #DealAnnouncement #Financing #CapitalMarkets #PrivatePlacement #DebtFinancing #NonConvertibleDebentures #NCDs

An article titled “𝐃𝐏𝐃𝐏𝐀 𝐯𝐬 𝐆𝐃𝐏𝐑: 𝐈𝐧𝐝𝐢𝐚’𝐬 𝐜𝐨𝐧𝐬𝐞𝐧𝐭-𝐨𝐧𝐥𝐲 𝐫𝐮𝐥𝐞𝐬 𝐬𝐭𝐫𝐚𝐢𝐧 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬” authored by our Partner, 𝐀𝐤𝐬𝐡𝐚𝐲𝐲 𝐒 𝐍𝐚𝐧𝐝𝐚, has been published by @voicendata_ . This article on India's DPDPA raises an important question: has the consent-centric approach created more problems than it solves? The comparison with GDPR is striking—activities that are straightforward under GDPR (fulfilling orders, detecting fraud, managing bookings) become legally murky under DPDPA because almost everything must route through consent. The takeaway: without adding lawful bases like contract performance and legitimate interests, India may have built a data protection regime that's paradoxically harder to comply with than the framework it was supposedly simplifying. Read the entire article here: voicendata.com/policy/dpdpa-v… #Article #DPDP #DPDPAct #DPDPRules #DigitalData #DataProtection #DataPrivacy #GDPR #Europe #India #SarafandPartners

Saraf and Partners advised IB Vogt (Singapore) Pte. Ltd. ("𝐈𝐁 𝐕𝐨𝐠𝐭") on the sale and transfer of its entire shareholding held in its special purpose vehicle ("Company") developing a group captive solar project in Chhattisgarh ("Project") in favour of Candi Solar IN 2 B.V. ("𝐂𝐚𝐧𝐝𝐢 𝐒𝐨𝐥𝐚𝐫"). Under the terms of the transaction, IB Vogt and Candi Solar have entered into transaction documents for the transfer of 74% of the shareholding of IBV in the Company operating a group captive solar project in Chhattisgarh, with power supply and offtake agreements in place with the captive consumers, holding shares in compliance with the applicable captive shareholding thresholds specified under the Electricity Act, 2003 and the regulations framed thereunder. The transaction has enabled Candi Solar to expand its renewable energy portfolio in India under a group captive model, while IB Vogt exited its stake in the Company, aligning with its strategic and business objectives. The transaction team was led by 𝐀𝐯𝐢𝐫𝐮𝐩 𝐍𝐚𝐠 (Partner) and comprised 𝐀𝐧𝐤𝐢𝐭 𝐒𝐚𝐡𝐨𝐨 (Partner Designate), 𝐀𝐬𝐢𝐦𝐚 𝐆𝐡𝐨𝐬𝐡 (Senior Associate), 𝐏𝐚𝐫𝐢𝐭𝐨𝐬𝐡 𝐁𝐢𝐬𝐞𝐧 and 𝐀𝐬𝐡𝐰𝐢𝐧𝐢 𝐏𝐚𝐧𝐰𝐚𝐫 (Associates). #DealAnnouncement #SolarProject #Chattisgarh #RenewableEnergy #Projects #Infrastructure #Energy #SarafandPartners

Our Partner, 𝐀𝐛𝐢𝐫 𝐋𝐚𝐥 𝐃𝐞𝐲, shares his perspective on what the Union Budget must focus on to drive long-term infrastructure investment in India, from PPP reform and digital infrastructure to clean energy and IFSC GIFT City. Read more on: The Times of India: timesofindia.indiatimes.com/business/india… moneycontrol.com: moneycontrol.com/news/business/… #UnionBudget #Budget2026 #Infrastructure #Banking #Finance #GiftCity #SarafandPartners

Saraf and Partners wishes all a very Happy Republic Day. May the ideals of unity, equality, and constitutional values continue to guide us. #RepublicDay #SarafandPartners

We are pleased to share that our Principal Associate, 𝐆𝐚𝐧𝐠𝐞𝐬𝐡 𝐕𝐚𝐫𝐦𝐚, was recently felicitated by Shri S Krishnan, Secretary, Ministry of Electronics & Information Technology, Government of India (@GoI_MeitY), at an event marking one year of MeitY and National Internet Exchange of India (NIXI)’s Internet Governance Capacity Building Initiatives. The event was attended by senior dignitaries including Shri Bhuvanesh Kumar, CEO, Unique Identification Authority of India (UIDAI); Shri Sushil Pal, Joint Secretary, MeitY; and Shri Devesh Tyagi, CEO, NIXI, along with other officials from MeitY and NIXI. This felicitation recognises Gangesh’s impactful role as a mentor and trainer for the Internet Governance internship cohort, contributing meaningfully to MeitY and NIXI’s efforts to build India’s policy capacity across internet and technology governance forums. #MeitY #NIXI #Policy #Technology #PublicPolicy #SarafandPartners

We are pleased to share that our Founder & Managing Partner, Mohit Saraf, along with our Senior Partners, Bikash Jhawar, Vaibhav Kakkar and Saroj Kumar Jha and Partners, Abir Lal Dey, Sudeshna Guha Roy and Vivek Pareek, have been featured in the @IBLJ_insights A-List 2026, with Mr. Saraf recognised as an 𝐈𝐜𝐨𝐧. #IBLJ #AList2026 #LegalIcon #LeadingLawyers #LawFirmPartners #SarafandPartners

We are pleased to share that our Senior Partners, Sanjeev Sharma and Vikrant Kumar, along with Partners, Abir Lal Dey, Akshayy S Nanda, Debarpan Ghosh, Navomi Koshy, Ravi Bishnoi, Rohit Raghavan, Satadru Goswami, Satyadarshi Kunal and Snigdhaneel Satpathy, Partner Designate, Ankit Sahoo and Principal Associate, Keshav Pareek have been recognised as 𝐑𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝𝐞𝐝 𝐋𝐚𝐰𝐲𝐞𝐫𝐬 in the 𝐋𝐞𝐠𝐚𝐥𝟓𝟎𝟎 𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐑𝐚𝐧𝐤𝐢𝐧𝐠𝐬 𝟐𝟎𝟐𝟔. Many congratulations to them on this milestone! #Legal500 #Legal500Rankings #LegalRankings #LawyerRankings #LeadingLawyers #NextGen #SarafandPartners

We are pleased to share that our Founder & Managing Partner, Mohit Saraf, along with Senior Partners, Bikash Jhawar and Vaibhav Kakkar, have been recognised as 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬 in the Legal 500 Asia Pacific Rankings 2026. Partners, Abhishek Swaroop, Avirup Nag, and Sahil Arora, have also been ranked as 𝐍𝐞𝐱𝐭 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬. Many congratulations to them on this milestone! #Legal500 #Legal500Rankings #LegalRankings #LawyerRankings #LeadingLawyers #NextGen #SarafandPartners

A moment of pride for Saraf and Partners as we have been ranked across 12practice areas in the Legal500 Asia Pacific Rankings 2026. We are grateful for this recognition made possible the exceptional contributions of our team. #Legal500 #Legal500Rankings #LegalRankings #LawFirmRankings #IndianLawFirm #SarafandPartners

We are delighted to share that our Founder & Managing Partner, Mohit Saraf, Senior Partners, Bikash Jhawar, Vaibhav Kakkar, Vikrant Kumar and Saroj Kumar Jha, alongside Partners, Akshayy S Nanda, Avirup Nag, Ravi Bishnoi, Sahil Arora, Satadru Goswami, Rohit Raghavan and Snigdhaneel Satpathy, have been featured in the 𝐋𝐞𝐠𝐚𝐥 𝐄𝐫𝐚 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐋𝐚𝐰𝐲𝐞𝐫𝐬 𝐑𝐚𝐧𝐤𝐢𝐧𝐠𝐬 𝟐𝟎𝟐𝟓–𝟐𝟔. #LegalEra #LeadingLawyers #LawyerRankings #LawFirmPartners #SarafandPartners

Saraf and Partners advised a consortium of lenders led by the @TheOfficialSBI (the “Lenders”) on a term loan facility aggregating to INR 19,876 Crores availed by Mundra Petrochem Limited (the “Company”). The facility was utilized to establish a Polyvinyl Chloride (PVC) manufacturing complex with an annual production capacity of one (1) million metric tonnes at Adani Ports and SEZ Ltd, Mundra, Gujarat. The Firm handled the comprehensive legal due diligence, structuring (including ECB mechanisms), and closing of all financing documentation. Signalling the Adani Group’s significant foray into the petrochemical sector, this transaction establishes India’s largest PVC factory. The Project is projected to double domestic capacity, addressing the nation's >50% reliance on imports. Notably, the Firm was awarded the ‘𝐏𝐞𝐭𝐫𝐨𝐜𝐡𝐞𝐦𝐢𝐜𝐚𝐥 𝐃𝐞𝐚𝐥 𝐨𝐟 𝐭𝐡𝐞 𝐘𝐞𝐚𝐫 – 𝐈𝐧𝐝𝐢𝐚’ for this transaction at 𝐓𝐡𝐞 𝐀𝐬𝐬𝐞𝐭: 𝐓𝐫𝐢𝐩𝐥𝐞 𝐀 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐀𝐰𝐚𝐫𝐝𝐬 𝟐𝟎𝟐𝟓. The transaction team was led by our Partner, 𝐑𝐨𝐡𝐢𝐭 𝐑𝐚𝐠𝐡𝐚𝐯𝐚𝐧, and included Senior Associate, 𝐒𝐡𝐢𝐫𝐞𝐧 𝐏𝐚𝐧𝐣𝐨𝐥𝐢𝐚, and Associate, 𝐊𝐚𝐫𝐭𝐢𝐤 𝐀𝐠𝐠𝐚𝐫𝐰𝐚𝐥. #DealAnnouncement #Petrochemicals #PVCManufacturing #StateBankofIndia #AdaniPorts #Finance #SarafandPartners

We are pleased to share that our Partner, 𝐒𝐚𝐡𝐢𝐥 𝐀𝐫𝐨𝐫𝐚, has been ranked in the 𝐓𝐌𝐓: 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 & 𝐓𝐞𝐥𝐞𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 practice by @ChambersGuides in its latest Asia-Pacific Rankings. #ChambersRankings #LawyerRankings #FullServiceLawFirm #LegalLeaders #SarafandPartners #Recognition #ChambersandPartners #Chambers2026 #RankedLawyers #AsiaPacific