Cyril Amarchand Mangaldas has advised Neo Asset Management in connection with a first of its kind transaction – the harmonious substitution of Himalayan Expressway, which is operating and maintaining a section of National Highway number 22, with CloundNeo Highways, nominated by the Neo Asset, in accordance with the harmonious substitution circulars issued by National Highways Authority of India.
Himalayan Expressway is a subsidiary of JaiPrakash Associates, which is currently undergoing insolvency under the IBC. The company was granted concession for operation and maintenance, rehabilitation and strengthening of the existing 2 (two) lane road and widening to 4 (four) lane divided carriageway facility highway from Km 39.860 to Km 67.000 of the Zirakpur to Parwanoo section including Pinjor–Kalka-Parwanoo Bypass section of National Highway number 22 in the states of Punjab, Haryana and Himachal Pradesh, India on build, operate and transfer (BOT) basis.
The transfer to Neo Asset marks the first seamless harmonious substitution of an operational road project in India.
CAM’s transaction team was led by partners Ajay Sawhney and Aditi Misra with the support from principal associate Aditya Prakash and consultant Vaibhav Shrivastav.
