Banking and finance in India

AZB & Partners

With leading capabilities advising distressed companies and investors on restructuring under the IBC process, AZB & Partners  also boasts expertise advising lenders and borrowers on a diverse set of loan transactions, including privately placed non-convertible debentures, green bonds and loans advanced for refinancing purposes. Partner and advocate Nilang Desai has overseen a significant number of restructuring mandates recently, including representing the resolution professional in the $7.2bn restructuring of Essar Steel Limited, and advising a major multinational bank on the acquisition of GTL Infrastructure’s debt through a series of trusts, representing India’s first loan-to-own transaction. Gautam Saha, who is qualified in India and the UK, regularly advises international clients in high value debt and project financing transactions. Bahram Vakil is particularly well-known for his involvement in major project finance transactions, including large power projects. Ashwin Ramanathan left the firm in 2018, whereas Piyush Mishra joined from Cyril Amarchand Mangaldas.

Practice head(s):

Bahram Vakil; Gautam Saha; Anand Shah

Other key lawyers:

Nilang Desai

Key clients

Yes Bank

Export Development Canada

IDFC Bank

Overseas Private Investment Corporation

International Finance Corporation

ReNew Power Ventures

Cube Highways and Infrastructure

Au Small Finance Bank

Varde Partners

JM Financial

BNP Paribas

Nomura

Tata Capital

RBL

Kotak Bank

Centrum Group

Manipal Group (Ranjan Pai Group)

Davidson Kempner

OakTree Capital

Centerbridge

Cerberus

BroadPeak

CarVal

Cantor Fitzgerald

SC Lowy

Weiss Asset Management

Work highlights

  • Advised Tata Capital Financial Services on the issue of rated, listed, redeemable, non-convertible debentures (both secured and unsecured) for approximately $281.7m.
  • Assisted with the restructuring of the Adhunik Group of Companies – including Adhunik Metaliks Limited, Zion Steel Limited, Orissa Manganese and Minerals Limited and Adhunik Alloys and Power Limited. This was one of the first group-wide restructurings via the IBC in India and involved multiple intra-group issues which were unprecedented and needed innovative solutions.
  • Advised JM Financial Credit Solutions on the public issue of rated, listed, redeemable, non-convertible debentures.
  • Advised the resolution professional, Ernst & Young, during the restructuring of an Indian shipbuilding company, Bharti Defence Limited, through the IBC process, with the total debt restructured valued at approximately $1.6bn.

Cyril Amarchand Mangaldas

Frequently acting for consortiums of lenders in project financing and debt restructuring mandates outside of the IBC process, Cyril Amarchand Mangaldas is well-positioned to advise distressed companies on creative resolutions, including bidding processes, and brings additional expertise in the country’s flourishing renewable energy sector, where they act for banks providing capital to fund major development projects. Amey Pathak, whose expertise lies in infrastructure projects, successfully advised a consortium of 18 lenders, led by the State Bank of India, on the resolution of Prayagraj Power Generation’s debt through an acquisition of the company’s majority shareholding, outside of the insolvency process. L. Viswanathan specialises in project financing, predominantly in the energy sector.

Practice head(s):

Cyril Shroff; L. Viswanathan

Other key lawyers:

Amey Pathak

Testimonials

‘Pranav Sharma is technically very sound and adopts a commercial/ solution oriented approach in his advice. He is a solid negotiator, always attuned to the client’s business needs.’

Work highlights

  • Assisted Credit Suisse Finance, Hero Fincorp and Kotak Mahindra Prime (‘the lenders’) with the financing of Metz Advisory LLP.
  • Assisted YES Bank Limited (Lender) in relation to the financial assistance granted by Yes Bank Limited for financing of India’s first national highway project undertaken on Toll, Operate and Transfer (TOT) basis undertaken by 9 SPVs (Borrowers) promoted by Macquarie Group.
  • Advised EGFL and EPTL in relation to financing of approximately $1.75bn extended by VTB Bank (PJSC) to Essar Sapphire Holdings Limited and Essar Oil Cyprus Limited (two companies within the Essar group), for resolving existing group debt.
  • Advised Axis Bank Limited on the issuance of secured, listed, non-convertible debentures in nine series with maturities from 2 to 10 years, issued by Uttar Pradesh Power Corporation Limited (UPPCL), a subsidiary company of the Government of Uttar Pradesh (GoUP).
  • Advised a consortium of lenders led by the State Bank of India in relation to formulation and implementation of a resolution plan (outside IBC framework) involving acquisition of SKS Power Generation (Chhattisgarh) Limited (the Company) and settlement of all obligations of the company with respect to the debt facility extended by the lenders.

J Sagar Associates

J Sagar Associates 'is able to deliver on complex transactions in tight timelines'. The group has particular expertise advising clients on private placements of non-convertible debentures, acting for lenders, corporate creditors and debtors embroiled in insolvency proceedings, and in real estate and infrastructure financing, where it recently acted on the first successful private placement of an InVIT. Practice head Aashit Shah, whose clients include multinational banks and financial institutions, recently advised several lenders in relation to their $1.4bn facility to Bamnipal Steel Limited, used for the purposes of acquiring Bhushan Steel Limited in accordance with the resolution plan implemented by the NCLT. Dina Wadia specialises in all forms of debt transactions, project financing and debt restructuring, including resolution proceedings under the IBC.

Practice head(s):

Aashit Shah

Other key lawyers:

Dina Wadia

Testimonials

‘Very professional team which is able to deliver on complex transactions in tight timelines. The team has great depth and the junior partners and principal associates are very knowledgeable and reliable.’

‘Aashit Shah, the head of the banking and finance team is an excellent lawyer who is very sound legally and has a good understanding of the client’s commercial requirements.’

Key clients

Standard Chartered Bank

Citibank / Citigroup

Brookfield Asset Management

Deutsche Bank

Credit Suisse AG

Edelweiss Group

State Bank of India

SSG Capital

ICICI Bank

HDFC Bank

Axis Bank

DBS Bank Limited

Sumitomo Mitsui Banking Corporation

Mizuho Bank

EXIM Bank of India

PROPARCO

Aircel Ltd.

Altico Capital India Pvt. Ltd.

Piramal Finance

VTB Capital

BTMU

Kotak bank

RBL Bank

CDC Group: Development Finance Institution

First Abu Dhabi Bank, UAE

REC Limited

IDFC Bank

Overseas Private Investment Corporation

Work highlights

  • Advised Aircel Limited, Aircel Cellular Limited and Dishnet Wireless Limited as corporate debtors filing for insolvency resolution under the IBC, in the first case in India in which corporate debtors have sought insolvency resolution under the IBC.
  • Advised the DBS Bank Ltd., HDFC Bank Limited, Housing Development and Finance Corporation Limited, IndusInd Bank Limited, Kotak Mahindra Bank Limited, Standard Chartered Bank, Tata Capital Financial Services Limited and Yes Bank Limited as the lenders and mandated lead arrangers and bookrunners in relation to $1.4bn (approx.) facilities availed by Bamnipal Steel Limited, a wholly owned subsidiary of Tata Steel Limited.
  • Advised the lead arrangers in the $1.2bn financing availed by SKI Carbon Black (Mauritius) Limited secured by pledge on shares of SKI Carbon Black (India) Private Limited held by SKI Carbon Black (Mauritius) Limited.
  • Advised and assisted ICICI Securities Limited and Citigroup Global Markets India Private Limited, the lead managers to the $450m private placement of units of the IndInfravit Trust, representing the first ever private placement of units of an infrastructure investment trust.
  • Advised HDFC Bank in connection with the issue of $337m notes due 2025 (masala bonds) under the $3bn Medium Term Note Programme.

Khaitan & Co LLP

With a wide range of clients that includes major banks, corporates, financial institutions, developmental banks and asset reconstruction companies, Khaitan & Co LLP primarily acts for investors in bond issuances, with a strong commitment to public issue bonds in particular, and in structured finance mandates. In the prevalent area of insolvency, the group has acted for creditors and debtors in restructuring mandates, and advised lenders on their strategy following the moratorium imposed by the NCLT on legal action against IL&FS Group. Highly active practice head Kumar Saurabh Singh brings significant expertise in all types of debt transactions to the group, including cross-border financing, project financing and debt restructuring. Manisha Shroff  specialises in domestic and cross-border acquisition finance, syndicated finance and various forms of debt transactions. Siddharth Srivastava joins the practice in Delhi from Link Legal - India Law Services in February 2020.

Practice head(s):

Kumar Singh; Manisha Shroff

Key clients

Asian Development Bank

Deutsche Bank

Liberty House Group

Bank of Baroda

DBS Bank

Standard Chartered Bank

Royal Partners Investment Fund, Mauritius

Haldiram Group

Axis Bank Limited

ICICI Bank Limited

Axis Finance Limited

Aditya Birla Group

First Rand Bank

First Abu Dhabi Bank

Reliance MDA Group

Canara Bank

Altico Capital India Private Limited

HSBC

JM Asset Reconstruction Limited

Matix Fertilisers and Chemicals Limited

Barings Private Equity Credit Limited

Mahindra and Mahindra Group

Advent International and Temasek Holdings Pte Ltd

Essar Group

JSW Group

Dewan Housing Finance

Ernst & Young

Price Waterhouse Coopers

Reliance Nippon Asset Management

Edelweiss Asset Reconstruction Company

State Bank of India

SBI Mutual Fund

L&T Finance Limited

Piramal Group

Yes Bank Limited

International Finance Corporation

Mashreq Bank

IndusInd Bank

Kotak Mahindra Bank

ING

Softbank

Edelweiss Group

Work highlights

  • Advised Standard Chartered Bank, Singapore, Mashreq Bank PSC (Mashreq) and First Abu Dhabi Bank PJSC on the extension of bridge financing facilities of $210m in relation to 2 two Boeing 787-8 series aircraft for Air India Limited.
  • Advised Barclays Bank PLC, and the subscribers/ investors, in connection with the issue of listed, rated, redeemable, non-convertible debentures issued by Zydus Wellness Limited on a private placement basis.
  • Advised ECL Finance Limited on the issue of rated, listed, secured, redeemable, non-convertible debentures for an amount aggregating to $215.74m on a private placement basis against security over identified employee stock option loan receivables to Credit Suisse.
  • Advised the Client in connection with subscription to the first of its kind secured, listed, rated, redeemable, non-convertible debt securities, on private placement basis, issued by an INVIT India Grid Trust aggregating to INR2.5bn  for the purpose of, inter alia, advancing loans to its subsidiaries and acquisition of transmission projects.

L&L Partners Law Offices

Bucking the national trend, the banking and finance practice at L&L Partners Law Offices continues to display remarkably strong project financing capabilities, particularly in the renewable energy sector, where they have advised numerous lenders in the last year alone on advancing facilities for the development of wind and solar power projects across India. The team has further expertise in refinancing and debt restructuring, asset securitisation and domestic and international bond issuances. Practice head Karan Mitroo is at the forefront of the firm’s project financing deals, bringing invaluable experience advising all stakeholders in such transactions.

Practice head(s):

Mohit Saraf; Aniket Sengupta; Bikash Jhawar; Karan Mitroo

Work highlights

  • Advised Fortis Healthcare Limited (“Fortis”), as borrower’s Indian legal counsel, in connection with availing a facility of INR10.1bn from Citi Bank, NA.
  • Assisted Yes Bank Limited (lender) in a transaction involving issuance of secured, listed non-convertible debentures by Green Infra Wind Energy  Limited, for the purposes of, inter alia, refinancing lenders and meeting other transaction related expenses of the Issuer.
  • Advised the lenders led by HDFC Bank Limited in relation to term loan facilities aggregating to INR4.4bn availed by Parampujya Solar Energy Private Limited, for the purposes of developing, implementing and setting up a 2 x 50 MWAC solar power project including transmission line in the state of Chhattisgarh.
  • Advised a consortium of lenders, including Yes Bank and Exim Bank, in a complete refinancing of historical high cost debt of Nayara Energy under new management.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co 's vast banking and finance practice specialises in acquisition financing, leveraged finance, debt restructuring and insolvency proceedings under the IBC and demonstrates a strong commitment to all types of real estate financing. Practice head Sapan Gupta, whose expertise includes public and private issuances of bonds and FCCB transactions, frequently acts for the State Bank of India, a key client of the firm, with recent mandates ranging from advising them on availing a major USD bond issuance to representing them as lender's counsel in one of the first resolution proceedings pursuant to the RBI Circular on Stressed Assets issued on February 12, 2018. With over 38 years' experience, Shardul Shroff has broad expertise in this field which includes advising clients facing insolvency and restructuring. He is also very involved  in policy developments: recently, he was appointed to the committee responsible for reviewing the Insolvency and Bankruptcy Code prior to its enactment. The Mumbai office was boosted by the arrival of Zubin Mehta from Veritas Legal.

Practice head(s):

Shardul Shroff; Sapan Gupta

Testimonials

‘I work mostly with the Fintech practice. I have found the team very knowledgeable and responsive.’

‘Shilpa Mankar has very good industry knowledge.’

Key clients

State Bank of India

ICICI Bank Limited

Piramal Group

Punjab National Bank

Transunion CIBIL Limited

Axis Bank Limited, Axis Capital Limited, Axis Finance Limited

Deutsche Bank

Bank of America Merrill Lynch and group

Edelweiss Financial Services Limited and group

HDFC Bank Limited

Altico Capital India Private Limited

IDFC Bank Limited

Union Bank of India

KKR India Asset Finance Private Limited

HSBC

Yes Bank

Avenue Asia Capital Management LP

Life Insurance Corporation of India

Work highlights

  • Advised Piramal Capital in relation to the investment made by Piramal Ivanhoe Residential Equity Fund 1 in Palava Dwellers Private Limited.
  • Advised State Bank of India (SBI) in relation to the issue of $400m notes with a coupon rate of 4.375% due 2024 under Rule 144A of the United States Securities Act of 1933, representing the first USD bond publicly issued by an Indian public sector bank in 2019.
  • Assisted Brookfield in connection with availing of financial assistance for the purpose of acquisition of East West Pipeline (a trunk pipeline for transportation of natural gas operating from Kakinada (Andhra Pradesh) to Baruch (Gujarat) and covering approximately 1460kms from Reliance group, through an infrastructure investment trust sponsored and set up by Brookfield for this purpose.
  • Assisted BNP Paribas in its financing for acquisition of 100% shareholding of NSL Tidong Power Generation Limited by Statkraft IH Holding AS.
  • Advisd Dena Ban on all aspects relating to the merger with Vijaya Bank including grievance redressal and other synergy related issues.

Talwar Thakore & Associates

Talwar Thakore & Associates' banking and finance practice is particularly active in refinancing mandates, where they act for borrowers and lenders, and in advising banks on granting loans to companies struggling to meet liquidity requirements, particularly in the non-banking financial services sector. 'Exceptional lawyer' Sonali Mahapatra remains a very active member of the team, having recently advised Nayara Energy on obtaining rupee facilities of INR 3,940 crores from several lenders, including the State Bank of India. Sonali also recently advised Green Climate Fund on providing a $100m financing to the National Bank for Agriculture and Rural Development to be utilised by the borrower to finance a solar power project in India.

Practice head(s):

Sonali Mahapatra

Other key lawyers:

Sonali Mahapatra

Testimonials

‘Talwar Thakore & Associates niche boutique finance practice is always my first choice even when compared to star partner teams at the big 6 law firms. Even the junior members of the team provide sound advice on debt issuances.’

‘What we particularly appreciate about this team is their attention to detail and keen client focus. The partners in this practice are sound in their evaluation of risk and thorough in executing transactions.’

‘Practice head Sonali Mahapatra is definitely one of the leading banking and finance practitioners in India.’

Key clients

Nayara

KKR

Max Life

Macquarie

Nomura

Yes Bank

Tata Sons

Green Climate Fund

Citi Bank

Goldman Sachs

Work highlights

  • Advised Nayara Energy Limited on obtaining rupee facilities of up to INR3.94bn from the following lenders: State Bank of India; EXIM; Yes Bank Limited; IDFC Limited, for the purpose of refinancing their existing rupee facilities.
  • Advised Green Climate Fund (GCF) on providing a $100m financing to the National Bank for Agriculture and Rural Development (NABARD) that was to be on-lent by NABARD to Tata Cleantech Capital Limited for the purpose of setting up solar energy systems in India.
  • Assisted investors in a transaction involving MIPL issuing the bonds and using the proceeds for: repayment of inter-company advances availed from MDPL: and providing inter-company loans to MDPL and other group companies.
  • Advised Barclays Bank Plc on arranging a term loan facility of up to INR4.65bn which INR2.5bn was drawn by way of two tranches and the remaining INR2.15bn was to be drawn down at the option of the lenders increasing their commitment or arranging new lenders for the same.

Trilegal

Trilegal’s banking and finance group is heavily invested in the renewable energy and real estate industries: in the former, they act for numerous banks extending facilities for the financing and refinancing of solar and wind projects across the country, and in the latter sector they advise lenders and borrowers on issuances of NCDs and investments in India’s privately placed InvITs, including India Infrastructure Trust. The group’s further expertise covers debt restructuring, Islamic finance and acquisition finance. Partner Ameya Khandge leads on the firm’s most substantial transactions, bringing particular expertise in cross-border structured financing. The Mumbai office was strengthened by the arrival of Joseph Jimmy from Cyril Amarchand Mangaldas.

Practice head(s):

Karan Singh; Nishant Parikh; Ameya Khandge; Kannan Rahul; Aniruddha Sen; Saurabh Bhasin; Anirudh Agarwala

Testimonials

‘The team has a deep understanding of the issues and comes up with strong and prompt solutions. Their work product is excellent.’

‘Kannan Rahul – Kannan always is proactive in taking the transaction to closure. He identifies problem areas early on and presents palatable solutions. His knowledge of law and negotiation is highly regarded.’

‘The team understand the deal contours and have a good handle on the evolution of IBC.’

‘The team (Ameya Khandge) understand the deal contours and have a good handle on the evolution of IBC, hence making documentation much easier and better.’

Key clients

Duferco S.A.

Oaktree Capital Management

L&T Finance Limited

Louis Dreyfus Armateurs S.A.S.

Aditya Birla Finance Limited

ICICI Bank Limited

Roadis Transportation

Investec Plc

Standard Chartered Bank

International Finance Corporation

HDFC Bank Limited

Yes Bank Limited

Baring Private Equity Asia

Work highlights

  • Advised the Lenders (a consortium of foreign banks) and Duferco as buyer on a $700m export advance deal with JSW Steel Limited through an Advance Purchase and Supply Agreement.
  • Advised Aditya Birla Sun Life Mutual Fund as investor counsel for its investment in the first equipment lease rental securitisation transaction involving OPC Asset Solutions as the originator and the receivables comprising the rentals receivables from Reliance Retail Limited with the securitised debt instruments being listed on the stock exchange.
  • Advised Oaktree Capital Management in the securitisation and acquisition of project loans in the residential real estate sector from Dewan Housing Finance Corp.
  • Advised Surat Hazira NH-6 Tollway Private Limited and Roadis Transporation in the restructuring of debt held by Surat Hazira NH-6 Tollway Private Limited and conversion of debt to equity by the lenders under the Resolution of Stressed Assets – Revised Framework circular issued by RBI on February 12, 2018.
  • Advised Yes Bank Limited as lender in the financing of a 29.9 MW wind power project in Tithava district in the state of Gujarat.

Dhir & Dhir Associates

Dhir & Dhir Associates  is regularly instructed by lenders, including major banks, to carry out due diligence and boasts further expertise acting for investors in project financing mandates relating to the development of renewable energy sites. The practice ultimately distinguishes itself, however, through its expertise acting for corporations contending applications by lenders concerning the recovery of facilities advanced by them in high value mandates. Partner Girish Rawat, whose clients include issuers and investors, manages a high volume of project financing transactions in the renewable energy sector.

Practice head(s):

Alok Dhir; Girish Rawat; Jayashree Dasgupta

Key clients

SCC Builders Private Limited

Xander Finance Private Limited

IndusInd Bank Limited

L&T Infrastructure Finance Company Limited

India Infradebt Limited

Indian Renewable Energy Development Agency Limited

Power Finance Corporation Limited

Religare Enterprise Ltd.

Jindal India Powertech Ltd.

Dion Global Solutions Ltd.

Work highlights

  • Assisted IDFC Score Fund, a finance company based in India, with conducting due diligence of tw companies (SCC Builders Private Limited and Shrine Buildtech Private Limited).
  • Advised Xander Finance Private Limited and JM Financial Products Limited, which provides lending services to real estate project developers and companies in India. We act as the legal counsel in relation to the rupee facility equivalent to INR15bn being extended by them to Delhi Baroda Road Carrier Private Limited for inter alia repayment of its existing loan and general corporate purposes.
  • Advised L&T Infrastructure Finance Company Limited on its advancement of facilities of INR3.45bn granted to Aftaab Solar Private Limited, Precious Energy Services Limited, Porbandar Solar Power Limited and CBC Solar Technologies Private Limited.
  • Advised India Infradebt Limited in relation to the rupee facility equivalent to INR19bn being extended by them to Louroux Bio Energies Private Limited for inter alia repayment of its existing loan and creation of reserves.

DSK Legal

The banking and finance team at DSK Legal represent lenders and borrowers in debt issuances, spanning NCDs, grant term loan facilities, acquisition and project finance transactions. Partner Ajay Shaw and associate partner Ashish Pahariya regularly work alongside each other in mandates regarding the grant of term loans, predominantly acting for non-banking finance companies. Sajit Suvarna is the firm's go to expert for real estate transactions, including debt funding and mezzanine funding.

Practice head(s):

Ajay Shaw; Sajit Suvarna; Anjan Dasgupta

Other key lawyers:

Ashish Pahariya

Key clients

Union Bank of India (London Branch)

Union Bank of India (Belgium and Antwerp Branches)

Citibank

Edelweiss Group

Aditya Birla Sun Life AMC Limited

Karuna Healthcare

State Bank of India (London Branch)

RattanIndia Finance

Avendus Capital

IndusInd Bank

IDBI Bank

Life Insurance Corporation of India (LIC)

Piramal Finance Limited

KKR

Bank of Baroda

Afrasia Bank

HDFC Capital

Work highlights

  • Advised and assisted RattanIndia Finance Private Limited in connection with the grant of term loan facilities to Sneh Sadan Traders and Agents Limited aggregating to INR1bn in two tranches.
  • Advised and approached RattanIndia Finance Private Limited in relation to the grant of a term loan facility aggregating to INR50m to Coffee Day Consolidations Private Limited.

Economic Laws Practice

With particular investment in real estate and construction, Economic Laws Practice remains active in project financing mandates in these sectors, where they act as lender’s counsel. The group has notable further expertise representing asset reconstruction companies and advising borrowers and lenders on debt restructuring and refinancing, as well as insolvency proceedings before the NCLT. Senior associate Dhrupad Vaghani has considerable experience in the resolution of stressed and non-performing assets under various schemes of the RBI; recently he acted alongside practice head Babu Sivaprakasam to advise Phoenix ARC on its application to initiate insolvency proceedings against Blue Horizons Hotels, subsequent to which the client made a full recovery.

Practice head(s):

Babu Sivaprakasam

Other key lawyers:

Dhrupad Vaghani

Testimonials

“The team has in-depth understanding of banking & finance sector especially in real estate sector. They are very proactive and provide us with multiple options for every issue.”

Key clients

DBS Bank Limited and DBS Bank Singapore

Aditya Birla Finance Limited

Tata Capital Financial Services Private Limited

Tata Capital Housing Finance Limited

Tata Cleantech Capital Limited

State Bank of India

National Bank for Agriculture and Rural Development

IDFC Bank Limited

Piramal Capital and Housing Finance Private Limited

IndusInd Bank Limited

Yes Bank Limited

ICICI Bank Limited

Ujjivan Small Finance Bank

Industrial and Commercial Bank of China (ICBC)

HDFC Limited

SAMHI Hotels Private Limited

IDFC Private Equity Co. Limited

Bandhan Bank Limited

Mannapuram Group

Hiranandani Group

Westpac Banking Corporation

Indostar Home Finance Limited

Global Vectra Helicorp Limited

Catholic Syrian Bank

L&T Infrastructure Company Limited

Indian Overseas Bank

Edelweiss ARC

Bank of Baroda

ILFS Financial Services Limited

RattanIndia Finance Private Limited

Work highlights

  • Advised Piramal Capital & Housing Finance Limited (lender) on its provision of loans  amounting to INR9bn to Paranjape Schemes (Construction) Limited to finance a major real estate and construction project spread out across the State of Maharashtra.
  • Advised Phoenix Arc Private Limited, in the capacity of Trustee to the company, during its initiation of recovery receivings aginst debtor Blue Horizons Hotels Limited, enabling the client to recover the entire amount from the company.

IndusLaw

IndusLaw’s banking and finance group often acts in mandates relating to the resolution of distressed companies under the IBC process. The group displays further expertise in acquisition financing and project financing, particularly in the renewable energy sector. Nishant Singh, who is qualified in India and New York, recently advised Agritrade Resources on the acquisition of SKS Power Generation through a one-time settlement of the company’s debt to several lenders, including State Bank of India.

Practice head(s):

Navin Syiem; Nishant Singh; Sudipta Routh

Key clients

Agritrade Resources Ltd.

Avendus Group

IndusInd Bank Limited

BlackSoil Capital Private Limited

Canadian Solar

Elara Technologies Pte. Ltd. (PropTiger.com)

OYO Rooms

The Mauritius Commercial Bank

Essar Steel Industries Limited

Riverdale Commodities SA

Work highlights

  • Advised Essar Steel Industries throughout its long-running corporate insolvency resolution process, including obtaining cross-border trade financing and raw material supply structures in fluid and ever-changing circumstances.
  • Assisted Avendus in relation to providing debt financing to Securens Systems Private Limited in 2 forms: by providing a facility from the NBFC-branch of Avendus; and issuing non-convertible debentures to the AIF-branch of Avendus for the purpose of refinancing of certain loans of Securens and for their capital expenditure.
  • Advised IndusInd Bank on a rupee term loan financing to K.C Maritime (India) Limited (“Borrower”) for purchase of a shipping vessel registered in Cyprus and to be chartered in India.
  • Advised BCPL (across a Chinese wall, with the Delhi office advising the borrower) in relation to providing debt financing to Oyo Midmarket Investments LLP (the “Borrower”), a group entity of Oravel Stays Private Limited, for the purpose of acquiring certain assets for hotels leased and managed by it.

Kochhar & Co.

Kochhar & Co.’s pan-India practice consistently represents international and domestic banks and investors in major debt issuances across a diverse range of sectors including construction, mining and healthcare, with exceptional expertise advising clients on syndicated loan transactions. The group further distinguishes itself through its instruction by financial creditors in insolvency proceedings and fintech clients seeking advice on the development and launch of new payment products and banking platforms. Practice head Anjuli Sivaramakrishnan remains highly active for the firm’s banking clients, including the Union Bank of India and Bank of Baroda.

Practice head(s):

Anjuli Sivaramakrishnan

Key clients

Bank of Baroda

State Bank of India

Union Bank of India

ICICI Bank

Asset Reconstruction Company India Ltd. (ARCIL)

IFCI Ltd. (NBFC)

RAW Bank

Shapoorji & Paloonji (S&P)

Burjeel Medical City

Volkswagen Finance Private Limited

Work highlights

  • Advised Axis Bank and ICICI Bank on a syndicated project financing transaction for a mining company.
  • Advised ICICI Bank on syndicated lending comprising of a term loan and various working capital facilities amounting to INR8.6bn.
  • Advised Bank of Baroda in respect of a term loan facility of $201m to a borrower in the real estate and retail space for the purpose of construction of a shopping mall and residential complex.
  • Advised State Bank of India in respect of a term loan facility of $50m sanctioned to a borrower in the healthcare space backed by corporate guarantee of their public listed company on the London Stock Exchange and other securities.
  • Advised Union Bank of India in respect of an overdraft facility of up to $10m to an infrastructure company for its working capital purposes secured by an SBLC from an Indian bank.

Link Legal - India Law Services

Link Legal - India Law Services acts as lender’s counsel to banks in a high volume of project financing and refinancing mandates, most prominently in the renewable energy and infrastructure sectors. Outside of these highly active areas the firm has recently picked up instructions by lenders and resolution professionals in insolvency proceedings before the NCLT. Former practice head Siddharth Srivastava has joined Khaitan & Co..

Practice head(s):

Siddharth Srivastava; Vishakha Bhagvat

Key clients

IDBI Bank (Stressed Assets and NPA Division)

HDFC Bank

TATA Capital

RBSA

Adani Group

NBCC

Xander Finance

Aditya Birla

State Bank of India (Stressed Asset Division- SAM B)

Sterlite Group

Softbank Energy

INDUSIND Bank

L&T Infra Financial Services (Stressed Asset Division)

Work highlights

  • Advised Yes Bank as lender’s legal counsel to Tamnar Transmission Project in relation to the financing of the construction of transmission infrastructure in India.
  • Advised Tata Cleantech Capital and two other lenders in a transaction involving the refinancing of Pipartoda Renewable Energy Private Limited.
  • Advised IndusInd Bank in a transaction involving the financing of Chikhali-Tarsod Highways Pvt. Ltd., to be executed on Hybrid Annuity mode on design, build, operate and transfer basis in accordance with the terms and conditions of the Concession Agreement, by way of fund based and non-fund based facilities for approximately INR6.3bn.

Phoenix Legal

Phoenix Legal’s 'approachable and knowledgeable' team is active in a number of refinancing mandates on the side of lenders and demonstrates a strong focus on debt issuances in the infrastructure space. Practice head Sawant Singh acts for a number of banks and financial institutions, advising them on asset reconstruction, project finance and debt restructuring. In a recent instruction, Singh advised Sojitz Corporation on its $156m loan to Archean Chemical Industries, in the form of equity and debt, for refinancing purposes.

Practice head(s):

Sawant Singh; Abhishek Saxena

Key clients

Sojitz Corporation and Sojitz Asia

Deutsche Bank AG

CredAble

Piramal Capital & Housing Finance

HDFC Capital

ALMT Legal

ALMT Legal acts for lenders, including major public sector banks, in a range of project finance and straightforward bond transactions, predominantly in the pharmaceuticals, construction and real estate sectors. The group’s further expertise resides in refinancing and restructuring of loans, and in advising clients on ensuring compliance with foreign exchange regulations. Aliff Fazelbhoy is known for advising international banks providing Indian companies with loans under the external commercial borrowing framework, and in acquisition financing transactions; he also has a wealth of expertise in high value m&a. Ryna Karani is experienced in structured financing, restructuring and project financing, in India and overseas.

Practice head(s):

Ryna Karani

Other key lawyers:

Aliff Fazelbhoy

Key clients

Mashreq Bank

State Bank of India

Central Bank of India

Work highlights

  • Advised the Central Bank of India on the financing for the construction of a residential building in Mumbai by vetting the development rights available with the borrower, drafting the financing documents, security documents including guarantees, hypothecation and mortgage.
  • Advised the State Bank of India’s Bahrain Branch in connection with its funding to a private sector bank in India under the External Commercial Borrowing (ECB) framework.
  • Advised Mashreq Bank on the enforcement of the facility agreement and the security documents executed by one of India’s leading construction companies in India, including drafting of the amended and restated facility agreement.

Bharucha & Partners

Bharucha & Partners frequently acts for issuers in loan transactions with public and private sector banks, often to satisfy capital expenditure requirements or enable repayment of existing debt. The group is also occasionally instructed in the area of restructuring and insolvency, acting for a range of clients including financial creditors in IBC proceedings and lenders involved in resolution plans under the RBI’s revised framework for the resolution of stressed assets.

Practice head(s):

Alka Bharucha; Justin Bharucha

Testimonials

‘They are a competent team , very capable.’

‘They are customer centric and respond in detail to points raised or opinion sought. They are not ambiguous in their response.’

Key clients

Vodafone Idea Ltd

Grover Zampa Vineyards Limited

Safeway Concessions

Girnar Software Private Limited

DCB Bank Limited

FIM Bank PLc

Profectus Capital Pvt Ltd

HSBC France

Federal Bank

IDBI Bank

Work highlights

  • Assisted Vodafone Idea Limited with a short term loan from State Bank of India to meet the company’s deferred payment obligations.
  • Advised Grover Zampa Vineyards Limited in relation to working capital facilities aggregating to INR100m availed from Yes Bank Limited.
  • Assisted Vodafone Idea Limited with an additional non-fund based facility from State Bank of India.
  • Advised Safeway Concessions (comprising of 9 Indian companies) and its parent MAIF 2 Investments India 2 Pte. Ltd. on raising debt for funding the concession fee of approx. INR96bn from Yes Bank Limited.
  • Assisted Girnar Software Private Limited with its raising of venture debt from Trifecta Venture Debt Fund – by way of issue of non-convertible debentures.

Dhaval Vussonji & Partners

Acting for lenders and borrowers in banking and finance transactions, Dhaval Vussonji & Partners is particularly well-known for advising clients in refinancing mandates, and project financing matters relating to construction projects in India. Managing partner Prachi Dave, qualified to practice as an advocate and solicitor, is the key name to note in the practice considering the high volume of transactions she leads for the firm.

Practice head(s):

Manisha Paranjape

Other key lawyers:

Prachi Dave

Key clients

Piramal Capital & Housing Finance

Aditya Birla

JM Financial Fund

India Bulls

IIFL

Shapoorji Pallonji

HDFC Ltd.

IndusInd Bank

KKR India Asset Finance Private Limited

Kotak Mahindra Group

Work highlights

  • Advised Yes Bank on the subscription to debentures issued by Lodha Group with a total value of $85.9m.
  • Advised Aditya Birla Capital on granting facilities to Prestige Estates Projects through a private placement.
  • Advised Bombay Slum Redevelopment Corproation on obtaining funding of INR4bn for our client Bombay Slum Redevelopment Corporation Private Limited, for repayment of existing facilities and project related expenses in relation to projects in Mulund and Kandivali.
  • Advised Indiabulls Real Estate on obtaining funding of INR5bn for refinancing certain existing loans and also for expenses in relation to Indiabulls Finance Centre Tower 4, situated at Elphinstone Road, Mumbai.

HSA Advocates

Driven by the firm-wide focus on energy and infrastructure, HSA Advocates' banking and finance group predominantly acts for lenders and borrowers in project finance matters relating to the construction of renewable energy sites. The group also offers strong regulatory knowledge, with partner Harsh Arora, who leads on the majority of the firm's mandates, frequently instructed by international banks to provide advice on financing and product development.

Practice head(s):

Hemant Sahai; Harsh Arora; Ramya Hariharan; Geeta Saha; Amit Charan

Key clients

ECL Finance Limited and ECL Finvest Limited

State Bank of India

Power Finance Corporation Limited

Renew Power

HDFC Bank Limited

TEPSOL Projects Private Limited and Maharashtra RESCO Rooftop Solar Power Private Limited

National Highways Authority of India

Acme Solar Holdings Limited and Acme Jaipur Solar Power Private Limited

CMA Terminals Societe par Actions Simplifiee

Piramal Capital & Housing Finance Limited

Work highlights

  • Advised National Highways Authority of India regarding India’s first toll, operate and transfer bundle 1 project, comprising of nine national highway stretches totaling about 680 km in the states of Andhra Pradesh, Odisha and Gujarat, undertaken through 9 special purpose vehicles incorporated by the sponsor, namely, the Macquarie Group, through its investment arms MAIF 2 Investments India 2 Pte. Ltd. and  MAIF 2 Investments India.
  • Advised HDFC in relation to rupee term loan of an aggregate principal amount not exceeding INR4.94bn granted by HDFC to Amplus KN Solar Private Limited for construction, development, implementation, operation and maintenance of 175 MW solar power project at Gadag District, in the state of Karnataka.
  • Advised PFC in relation to rupee term loan, for an aggregate principal amount not exceeding INR33m granted by PFC to Vijay Printing Press Private Limited for setting up and implementing a 7.5 MW canal top solar PV project in District Fatehgarh Patiala, Punjab, India.
  • Advised ASHL (including its group companies) in relation to the rupee term loan facility aggregating up to INR3.5bn and working capital facilities aggregating up to INR50m granted by Piramal Capital & Housing Finance Limited to ASHL and its group companies.

Majmudar & Partners

Majmudar & Partners’ practice specialises in advising banks on enforcement of decrees and loans against borrowers and recovery proceedings in various judicial fora, including the NCLT and Mumbai High Court. Partner Neerav Merchant leads on the majority of the firm’s mandates, frequently assisted by Fraser Alexander, who brings valuable expertise in banking disputes to the group.

Practice head(s):

Akil Hirani; A.K. Hirani

Other key lawyers:

Neerav Merchant

Key clients

Israel Discount Bank of New York

Axis Bank Limited

Hongkong and Shanghai Banking Corporation Limited

Dhanlaxmi Bank Limited

Punjab National Bank

Work highlights

  • Advising and representing ABL in execution proceedings filed before the Mumbai High Court against the Owner of premises, seeking enforcement of the decree for refund of security deposit.
  • Advised HSBC in relation to the liability of the directors and signatories of the borrower company for dishonour of cheques issued in discharge of debts due under the sanctioned credit facility.  
  • Advised DBL Bank on the enforceability of loan and security documents against the defaulting borrower company (Vibha Mechano Electric (I) Pvt. Ltd.) and its guarantors, and advised on the necessary legal proceedings, as also on the choice of forum for seeking reliefs.
  • Advised PN Bank, being the lead bank of a consortium, on the enforceability of the loan and security documents against a borrower company (Edayar Zinc Ltd.) and its guarantors, and even advised on the strategy to initiate necessary and effective legal proceedings.
  • Advised and defended PN Bank in respect of challenges filed by the borrower and guarantor against the proceedings initiated by PN Bank under the SARFAESI Act, before the Debts Recovery Tribunal and the Bombay High Court.

Samvad Partners

With a wide roster of clients comprising domestic and international banks, financial institutions and corporates, the 'technically sound' team at Samvad Partners advises lenders and borrowers on project financing, refinancing, foreign currency convertible bonds, external commercial borrowings and resolution proceedings.  Partner MG Vineetha takes a highly active role in the practice, leveraging her expertise in project and corporate finance along with her portfolio of international investors. Associate Mandavi Singh frequently works alongside Vineetha, with her recent expertise encompassing acting on financing deals in the power and hospitality sectors.

Practice head(s):

Vineetha MG; Harish Narasappa

Other key lawyers:

Mandavi Singh

Key clients

Morgan Stanley Infrastructure

Macquarie Infrastructure and Real Assets (India) Private Limited

Piramal Finance Limited

Piramal Housing and Capital Limited

Religare Finvest Limited

Trinethra Wind & Hydro Pvt. Ltd.

Religare Housing Development Finance Corporation L

Reliance Jio

Samena Capital (SC India Manager Private Limited)

Softbank

SC India Credit Fund

Svakarma Finance Private Limited

Swadhaar FinServe Pvt. Ltd.

Swarna Tollway Private Limited

Tata Projects

Tata Steel Limited

TLG Capital Investments Ltd

Ujjivan Small Finance Bank Limited

Watsun Infrabuild Private Limited

YES Bank Limited

Work highlights

  • Advised YES Bank Limited in respect of part financing of development of 4 road projects in Maharashtra which have been granted to 4 special purpose vehicles incorporated jointly by MEP Infrastructure Developers Limited and Longjian Road and Bridge Company Limited.
  • Assisted IndusInd Bank Limited in drafting, reviewing, and negotiating the finance documents to be executed with respect to availing the credit facilities for both the borrowers, United CIIGMA Institute of Medical Sciences and CIIGMA Institute of Medical Sciences.
  • Assisted HDFC Bank Limited as lender in its financing transaction with MM Forgings Limited for part funding the capital expenditure investment in forging and machining capacity enhancement by way of Rupee Term Loan.

Tatva Legal

With a roster of clients that includes investors and issuers, Tatva Legal’s banking and finance practice primarily handles loan transactions and displays a degree of further expertise advising on project financing deals. Rajeev Reddy has substantial experience advising clients on all aspects of banking and finance transactions, including deal structuring, private equity investments and corporate restructuring, where he tends to focus on the technology, pharmaceuticals and infrastructure sectors.

Practice head(s):

N.K. Dilip; Manav Nagaraj; Raghu Nandana; Shailendra Komatreddy

Other key lawyers:

Rajeev Reddy

Key clients

Mantri Infrastructure Private Limited

Mantri Castles Private Limited

Piramal Fund Management Private Limited

JM Financial Credit Solutions Limited

Work highlights

  • Advised Mantri Infrastructure on the issuance of listed debentures, assisting in the structuring, reviewing, drafting, negotiation and finalisation of transaction documents.
  • Advised India Infoline Finance on their subscription to non-convertible dentures issued by Manipal Healthcare Private Limited, with a total value of $71.8m.
  • Advised Housing Development Finance Corporation on the granting of loans to Cybercity Builders and Developers and Cyber Homes with a value of $41.5m.

Vaish Associates

Vaish Associates' banking and finance practices handles a high volume of loan portfolio sales for companies in the real estate sector. The group also advises clients, predominantly issuers, on straightforward loan agreements. Practice head Sandhya Iyer is active across the firm’s key verticals, where she acts for issuers and investors in loan transactions and boasts niche expertise advising banks on purchasing pass through certificates in trusts holding securitised assets.

Practice head(s):

Sandhya Iyer; Satwinder Singh

ZBA

Acting for issuers and investors, including major national banks, the ZBA practice, consisting of several internationally qualified partners,  carries out leading work for clients requiring advice and assistance in relation to commercial borrowings, often involving investors based in Japan. The group's wider expertise encompasses securities law, debt restructuring and banking regulations. Practice head Niloufer Lam is the firm's key contact, with a solid track record in financing and capital markets transactions for clients such as the State Bank of India and JSW Steel and invaluable experience handling cross-border financing at Linklaters and Morgan Stanley in London, where she worked as an investment banker.

Practice head(s):

Niloufer Lam

Key clients

HDFC Mutual Fund

Indian Railway Finance Corporation Limited (IRFCL)

Work highlights

  • Advised HDFC Mutual Fund as investor in respect of securitisation by way of ‘true sale’ of loan pool worth $34.38m and future receivables by Muthoot Capital Services Limited (“MCSL”) to ‘Travis March 2019’ trust.
  • Advised Indian Railway Finance Corporation in respect of the JPY equivalent of $300m syndicated external commercial borrowing from MUFJ, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Singapore Branch, including negotiation of all legal agreements and advising on all aspects of Indian law in relation to the debt capital raising.

Testimonials

Kanga & Company Advocates and Solicitors is noted for its strength in real estate project financing matters.

ARA LAW

The 'responsive and accessible' banking and finance practice at ARA Law acts predominantly for clients providing loans to companies in order to satisfy working capital requirements or for refinancing purposes, showing particular strength in depth advising lenders on ensuring robust securities are in place to protect their investments. Rajesh N. Begur , who has over three decades of experience, is known for representing domestic and international clients across Asia, Europe and in the US in private equity, venture capital, m&a and financing deals. In 2019, the group increased its headcount with the recruitment of two associates, Ritika Juneja and Aishwarya Gupta, and Priyesh Sharma ’s return to the practice as co-head of the M&A group.

Practice head(s):

Rajeesh Begur

Key clients

India Infoline Finance Limited

SC Credit Fund

Walton Street Blacksoil Real Estate Trust

PHL Fininvest Private Limited

Work highlights

  • Advised India Infoline Finance Limited on availing a loan to Nextra Broadband Services Private Limited, towards acquisition of property and working capital needs of the borrower.
  • Advised IIFL Income Opportunities Fund Series II on obtaining a loan from Unilazer Ventures Private Limited of approx. INR70m on a private placement basis for the refinancing of existing loans and the borrower’s general corporate purposes.
  • Advised SC Credit Fund on obtaining an issuance of unlisted, redeemable, secured, non-convertible debentures from Seya Industries Limited on a private placement basis.  

Dua Associates

Dua Associates handles matters including project financing, external commercial borrowings, restructuring, syndicated loans and regulatory matters for developers, contractors, banks, financial institutions and investment funds.

Hariani & Co., Advocates and Solicitors

Hariani & Co., Advocates and Solicitors’s banking and finance team specialise in carrying out due diligence and loan drafting for lenders in the real estate sector, where they are often tasked with ensuring that valid securities are in place to safeguard clients from financial loss. Beyond this work stream the group advises clients in sectors such as technology and financial services on specific regulatory issues, including updating loan documents and assignments of loan portfolios.

Practice head(s):

Ameet Hariani

Key clients

Housing Development Finance Corporation

Piramal Housing Finance

Altico Capital India

Edenred India Private Limited

Work highlights

  • Assisted HDFC Limited in conducting due diligence to facilitate an INR7bn financing transaction to a real estate company for construction purposes.
  • Assisted Piramal Housing Finance Limited, a registered NBFC, with title due diligence and transactional documentation with respect to an INR2.1bn financial facility to be provided to a real estate developer.

MDP & Partners

MDP & Partners  represents lenders in a variety of debt issuances, spanning consortium lending, syndicated loans, and infrastructure and renewable energy financing. Practice head Malav Virani, whose expertise covers debt restructuring, refinancing and external commercial borrowing, regularly acts alongside associate Sunay Kargatia in mandates for banks and finance brokers granting facilities to private companies.

Practice head(s):

Malav Virani; Ashok Paranjape; Nishit Dhruva

Other key lawyers:

Sunay Kargatia

SNG & PARTNERS

SNG & PARTNERS’ banking and finance practice has demonstrable expertise acting for lenders in project financing transactions in the real estate and renewable energy sectors. The group’s additional work for banks extends to handling external commercial loans and advising on the development and regulatory compliance of new digital products, such as lending platforms. Managing partner Rajesh Gupta takes a leading role in all types of debt issuances on behalf of lenders, including mandates involving companies at risk of becoming non-performing assets and project financing deals.

Practice head(s):

Rajesh Gupta; Amit Aggarwal; Anju Gandhi; Ashok Sathyanathan; Saroj Pandey

Key clients

Standard Chartered Bank

JPMorgan Chase Bank N.A

Doha Bank

West Pac Corporation

RBL

HDFC Limited

The Hongkong and Shanghai Banking Corporation Limited (HSBC Bank)

Capital First

The Royal Bank of Scotland

Emirates NBD

Qatar National Bank (QNB)

InCred Finance

National Bank Of Abu Dhabi PJSC

Piramal Finance Limited

LIC Housing Finance Limited

India Infoline Finance Limited

L & T Finance Limited

Axis Bank Limited

Commonwealth Bank of Australia

IDBI Bank

Aditya Infotech Limited

IndusInd Bank Limited

Work highlights

  • Advised Bank of Baroda on Term Loan facility to Air India Limited to ensure that Air India doesn’t become a non-performing asset.
  • Assisted LIC Housing Finance Limited with real estate project finance transactions for construction and development purposes.
  • Advised ICICI Bank Limited and HDFC Limited in relation to extending term loan up to INR7.2bn to Mikado Realtors (MRPL) towards the construction and development costs of the borrower’s ongoing real estate projects.
  • Advised KKR India Financial Services Private Limited in relation to extending financial assistance for setting up and commissioning of an aggregate of 46.4 Mega Watt solar power plant projects at PD Halli Solar Farm at Bellary in Karnataka.