Samunnati with Associate Director Vinita Krishnan and Associate Ankit

Samunnati Financial Intermediation & Services Pvt. Ltd,
the non-banking financial company has raised Rs 150 crore ($23.5 million) in a
Series C round of funding from responsAbility investments and existing
investors Elevar Equity and Accel Partners.

The investment was done by way of subscription to 100 equity
shares and 317,423 compulsory convertible preference shares of Samunnati.

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responsAbility Investments was advised by Khaitan & Co and
its team was led by Partner Bharat Anand, Principal Associate Aditya Patni and Associate
Abin Francis with assistance from their due diligence team represented by Associates
Akshay Sharma and Akhil Sharma, along with Associate Director Vinita Krishnan
and Associate Ankit Namdeo who handled the direct tax aspects of the
transaction.

IndusLaw represented Samunnati Financial Intermediation
& Services in the transaction as their legal advisors.

Akshay Dua, responsAbility’s Asia Pacific head of private
equity for agriculture and food sectors, will join the board of Chennai-based
Samunnati, post the investment made.

“Agriculture and food is one of the key focus sectors for
responsAbility globally and this is the first investment from our recently
closed food and agriculture private equity fund,” Dua stated in a press
release.

tor), 12 (time-limit for
completion of insolvency resolution process), 29 (preparation of information
memorandum), 214(f) (obligation of information utility), 231 (bar of
jurisdiction) and 238 (Code to override other laws) of the Code.

Arguing that there exists no intelligible differentia in the
classification of a financial credit and operational creditor in the Article 14
of the Constitution of India, the petition points out the difference in
mechanism prescribed for the two creditors.

The petitioners also argues that it is clear that barring
willful defaulters is unfair as the process of deciding who a willful defaulter
is, rests completely with bankers who are biased in the matter as their
interest lies in the recovery of the loan amount.

No difference between defaulters and willful defaulters is
made by the IBC, it punishes both equally.

 Additionally, it
challenges Sections 17 and 20, stating that these place the management of
affairs of the corporate debtor in the resolution professional, who “would
have no expertise or experience in the business of the corporate debtor, which
solely vests with the promoters, directors, etc. of the corporate debtor, and
thereby putting the entire business of the corporate debtor at stake”.

It states that this violates Article 19(1) (g) of the
Constitution of India, which guarantees freedom of occupation, trade or
business.