In a rapidly evolving legislative climate, AZB & Partners‘ practice maintains its stellar reputation and continues to handle large, first-of-their-kind mandates for a broad range of stakeholders. Bahram Vakil heads the practice and is a member of the Insolvency Law Amendment Committee. Suharsh Sinha specialises in advising asset reconstruction companies and international hedge funds on debt restructuring. Nilang Desai regularly provides advice to banks, resolution professionals, bidders and international corporations, with a practice focused on complex cross-border restructuring transactions. Senior associate Saloni Thakkar directs her focus towards advising creditors and resolution applicants in large corporate insolvencies; and Avinash Subramanian, who joined the team in June 2021, advises public and private-sector banks, financial institutions and resolution professionals on restructuring existing debt.

Cyril Amarchand Mangaldas’ market-leading practice maintains its position at the forefront of the restructuring market, regularly assisting insolvency professionals and financial institutions. L Viswanathan leads the team, advising banks, private credit providers and corporates on strategic debt restructuring, loan recovery and insolvency proceedings under the Insolvency and Bankruptcy Code. The team has continued to develop, gaining sector-specific expertise in the telecoms, power and construction sectors, in which major insolvencies have taken place. Madhav V. Kanoria advises some of the largest lending institutions in India, representing them in the first group insolvency case in India. Kanoria also assists resolution applicants with acquisitions of corporate debtors, and creditors with the implementation of resolution plans. Dhananjay Kumar is another key member of the team; stressed asset funds, asset reconstruction companies and creditors frequently turn to him for his wealth of experience in security enforcement and debt restructuring.

The highly experienced team at Shardul Amarchand Mangaldas & Co handles the gamut of bankruptcy, insolvency and restructuring matters, from restructuring to mitigate distress in large companies, to liquidation and resolution processes. The team regularly handles cross-border contentious and non-contentious restructurings, out-of-court settlements and insolvencies. Shardul Shroff heads the practice, which includes Saurav Panda, who has a combination of in-house experience from ICICI Bank and experience within the firm, and regularly represents strategic and financial investors, resolution professionals and banks on resolution processes. Misha uses her 15 years of experience in dispute resolution, bankruptcy and insolvency law to represent clients before the Supreme Court, High Court and the NCLAT.

Khaitan & Co LLP ‘stands out for the quality of its service‘, fielding a team with impressive bench strength. The department regularly assists clients with restructuring schemes and provides comprehensive regulatory guidance for a varied client base, which includes corporations, financial institutions, banks and non-banking financial companies. Kumar Saurabh Singh focuses on debt restructuring and advises lenders, borrowers and equity investors on restructuring issues. Rajeev Vidhani frequently advises a full range of stakeholders in insolvency processes, including operational creditors, promoters and private equity investors. With his ‘stellar reputation‘ in the insolvency sphere, Siddharth Srivastava uses his ‘prolific knowledge‘ to assist investors and bidders looking to put together resolution plans to take over distressed companies. Other key practitioners include Ashwin Bishnoi and Mehul Shah, who handles the international side of the practice, and is equipped to advise domestic and foreign clients on a variety of restructuring matters. Nikhil Narayanan has a particular interest in distressed investments, often assisting international investment banks and distressed funds in complex transactions.

The team at Luthra and Luthra Law Offices India advises a full range of stakeholders on insolvency and liquidation processes, with a particular focus on disputes and contentious matters. The team’s varied client base includes bondholders, financial institutions, distressed funds and resolution professionals. The ‘sharp, erudite and practical‘ Piyush Mishra heads the practice, bringing his expertise in stressed assets, and acts for resolution professionals and committees of creditors, often assisting clients to achieve pre-IBC resolutions and liquidations. Sanjeev Kumar handles the dispute resolution side of the practice, frequently appearing before the Debt Recovery Tribunal and the National Company Law Tribunal, and is also accomplished in debt recovery matters. Nishant Singh has ample experience in structured debt funding and insolvency, handling large debt restructurings and distressed debt investments. Bikash Jhawar left the firm.

The vastly experienced Mohit Saraf heads the team at Saraf and Partners. The practice acts for bidders, lenders and insolvency resolution professionals in relation to insolvency resolution processes, debt restructuring of financing transactions as well as corporate restructuring transactions. In addition to corporate insolvency, Bikash Jhawar has broad expertise advising on domestic lending structures and off-shore India linked borrowing and lending matters and is sought out in relation to structuring investments into India. On the contentious side, Abhishek Swaroop handles litigation in the Supreme Court, High Courts and the National Company Law Tribunal.

The team at Dhir & Dhir Associates assists clients with a full spectrum of restructuring and insolvency matters across multiple sectors, including power, infrastructure and telecoms. Alok Dhir has a wealth of experience as an insolvency professional, and specialises in both corporate and financial restructuring, while Varsha Banerjee often represents large lender groups, institutional creditors and shareholders in matters relating to debt restructurings and insolvency. Sachin Gupta heads the corporate litigation and dispute resolution practice and has extensive experience in assisting distressed entities and handling debt recovery matters.

The team at DSK Legal engages with a variety of stakeholders, including debtors, promoters and creditors, providing strategic advice on each step of the insolvency process. Ajay Shaw advises on matters concerning distressed assets and loans for domestic and overseas corporates, and public and private sector banks, while Nirav Shah handles the contentious side of the practice, often appearing before the National Company Law Appellate Tribunal, High Courts and Supreme Court. The team directs its focus towards restructuring of corporate debtors by way of the courts and through contractual frameworks, in addition to liquidation processes and security recovery and enforcement. Other key contacts at the firm include Niraj Kumar, who focuses on assisting resolution professionals and committees of creditors on resolution processes and how to initiate them; and Ashish Pahariya, who frequently advises asset reconstruction companies on the drafting and structuring of resolution plans and due diligence matters.

The ‘dynamic, enthusiastic, and solution-oriented‘ team at IndusLaw, known for its prowess in commercial litigation, represents a broad range of stakeholders within the insolvency space, including creditors, guarantors, directors and liquidators. Sushmita Gandhi presides over the practice alongside Amit Jajoo; Jajoo leads the litigation practice at the firm, while Gandhi, a seasoned dispute resolution expert herself, often handles contentious matters for sizeable debt defaulters in India, as well as providing advice to insolvency professionals and lenders. Associate Anamika Singh and senior associate Bhargac Kosuru represent clients in contentious matters before the National Company Law Tribunal and High Courts, in addition to various other dispute resolution forums. Lomesh Kiran Nidumuri left the practice.

The team at Krishnamurthy and Co assist a varied client base comprised of resolution professionals and liquidators, financial creditors and resolution applicants. Ayush Agarwala and Rukmini Roychowdhury lead the practice from Mumbai, Agarwala focuses on the contentious side of the practice, with his experience spanning a myriad of sectors, including hospitality, telecoms and information technology; Roychowdhury handles the corporate side of the practice, frequently representing household name companies. Associate partner Aditya Narayan Mahajan specialises in dispute resolution and often engages in insolvency-related arbitration and disputes.

The team at Phoenix Legal regularly assists operational creditors and corporate debtors with voluntary liquidation processes, company dissolutions, and proceedings under the Insolvency and Bankruptcy Code. Gautam Bhatikar and Abhishek Saxena can often be found advising resolution professionals on navigating corporate insolvency resolution processes before the National Company Law Tribunal. The team takes a multi-sectoral approach, combining its lawyers' expertise across the mining and natural resources, oil and gas, telecoms and hospitality sectors.

Taking a multidisciplinary approach, the team at Majmudar & Partners utilises its practitioners' combined expertise in corporate law, disputes and restructuring. Neerav Merchant and Rukshad Davar head the practice, often advising international companies with subsidiaries in India on liquidations and restructurings.