Hall Of Fame

Restructuring and insolvency in India

AZB & Partners

Co-founder Bahram Vakil leads the team at AZB & Partners, which represents a broad range of stakeholders and has in-depth experience handling complex refinancings, foreign investments into stressed assets, and acquisitions of distressed companies. Senior figure Nilang Desai regularly advises banks, IBC resolution applicants, and creditor committees. Senior associate Saloni Thakkar has worked on some of the firm’s most prominent cases and remains an increasingly active team member. Avinash Subramanian in the Mumbai office and Anindita Roy Chowdhury in the Delhi office are also recommended.

Practice head(s):

Bahram Vakil

Other key lawyers:

Nilang Desai; Suharsh Sinha; Saloni Thakkar; Avinash Subramanian; Anindita Roy Chowdhury; Hardeep Sachdeva

Key clients

Reserve Bank of India

Deloitte India Insolvency Professionals LLP and Mr. Nageswara Rao Y (RBI nominated Administrator of Reliance Capital Limited)

Ernst & Young and Mr. Rajneesh Sharma (RBI nominated Administrator in the insolvencies of SREI Infrastructure Finance Limited and SREI Equipment Finance Limited)

Varde Partners

Grant Thornton and Mr. Ashish Chhawchharia (erstwhile RP of Jet Airways (India) / Monitoring Committee formed in the resolution of Jet Airways (India)

Alvarez & Marsal and Mr. Abhilash Lal (Resolution Professional of Jhabua Power Limited)

Reliance Industries Limited

Welspun Corp Limited

TATA Steel Limited

Monitoring Committee of Sical Logistics Limited and Ernst and Young

ASG Hospital Private Limited

Perfect Day Inc.

Oaktree Capital

Adani Infrastructure and Developers Private Limited

Tata Steel Limited

Plutus Wealth

Asia Pragati Strategic Investment Fund

KGK Realty Private Limited & Dhoot Infrastructure Projects Limited

Experion Developers Private Limited

Cyril Amarchand Mangaldas

Cyril Amarchand Mangaldas offers deep experience advising various stakeholders across financial services, construction, power, aviation, and automotive industries, among others. Led by L Viswanathan, the firm regularly handles emerging caselaw under the provisions of the Insolvency and Bankruptcy Code (IBC). Dhananjay Kumar is recommended for leading financial institutions and other creditors looking for advice on recovery of loans, debt restructuring, and security enforcement. Other key members include Madhav V. Kanoria, who specialises in banking related litigation and corporate insolvency, and associate Surbhi Pareek, who frequently represents creditors, asset reconstruction companies, and investors under the IBC.

Practice head(s):

Cyril Shroff; L. Viswanathan

Other key lawyers:

Madhav V. Kanoria; Dhananjay Kumar; Surbhi Pareek


The Team at Cyril Amarchand is proactive and given their experience always provide us with category A advice.

Shardul Amarchand Mangaldas & Co

Shardul Amarchand Mangaldas & Co, headed by the experienced Shardul Shroff, has acted for lenders, borrowers, stressed asset funds as well as foreign and domestic banks, among other financial institutions. The firm provides a full range of services from recovery litigation, asset reconstruction and debt recovery to negotiating of secured and unsecured financing transactions. Partner Anoop Rawat is at the forefront of many of the firm’s most significant cases; he has experience representing various stakeholders, including resolution applicants and foreign investors. Other prominent members of the team include Misha, Vaijayant Paliwal and Saurav Panda.

Practice head(s):

Shardul Shroff


Excellent teams, fully committed and available.

Misha – the partner leading his practice is a subject matter expert.

In depth knowledge and understanding of the Insolvency Laws in India. Their ability to draw upon experience gained in several landmark judgements as well as clear collaboration between the corporate legal team and the litigation team is also of great help.

Key clients

Deloitte India Insolvency Professional LLP

Deloitte Touche Tohmatsu India LLP

PricewaterhouseCoopers India

E&Y Restructuring LLP

State Bank of India, IDBI Bank

ICICI Bank Limited, HDFC Bank Limited

Axis Bank Limited, Bank of Baroda

Yes Bank Limited

IndusInd Bank Limited.

Power Finance Corporation

Rural Electrification Corporation

NTPC Limited, Oil and Natural Gas Corporation

SJVN Limited

Indian Oil Corporation

Asian Development Bank

Standard Bank PLC, Citibank N.A.

Bank of Nova Scotia

Barclays Bank PLC


The ‘exceptional’ Mumbai-based team at JSA Law is co-led by Aashit Shah, who has considerable experience with CIRPs under the IBC, alongside Varghese Thomas, an expert in debt recovery proceedings that regularly represents domestic as well as international banks. The firm’s includes advising restructuring companies that are showing early signs of distress, the acquisition of stressed assets, and implementing resolution plans. Other prominent members of the team include Dina Wadia and Fatema Kanchwalla.

Practice head(s):

Aashit Shah; Varghese Thomas

Other key lawyers:

Dina Wadia; Fatema Kanchwalla


‘Team JSA is hands-on when it comes to interpretation of statutes specific to Insolvency Practice. Their team is always available and ensure that we obtain effective advice when needed.’

‘Thomas Varghese and Aashit Shah’s team are exceptional.’

Key clients

Standard Chartered Bank

Deutsche Bank, A.G.

State Bank of India

Ares SSG Capital

Edelweiss ARC

JM Financial ARC




Bank of Baroda

British International Investment Plc

Madison Pacific Trust Limited

AKA Ausfuhrkredit-Gesellschaft mbH

Essar Oil and Gas Exploration and Production Limited

Khaitan & Co LLP

Khaitan & Co LLP is a go-to firm for clients seeking advice on distressed lending, corporate debt restructurings, and the insolvency resolution process. The experienced team includes Kumar Saurabh Singh, an expert in debt transactions and restructuring, and Ashwin Bishnoi, who is recommended for distressed investments. Siddharth Srivastava has handled some of the firm’s largest insolvency matters and regularly advises bidders on the preparation of their resolution plans. Other notable practitioners include Rajeev Vidhani and Nikhil Narayanan as well as principal associates Ashwij Ramaiah and Riya Agicha.

Practice head(s):

Kumar Saurabh Singh; Ashwin Bishnoi; Siddharth Srivastava; Rajeev Vidhani; Mehul Shah; Nikhil Narayanan; Prateek Kumar; Diwakar Maheshwari

Other key lawyers:

Ashwij Ramaiah; Riya Agicha


‘The banking and insolvency team are very good. They have strong partners who are hands on and updated. Their bench strength is also very good.’

‘Siddharth Srivastava, partner at Khaitan & Co, is very good. He is sharp, concise and very hands on. He has a stable team as well. He is one of most experienced insolvency and banking lawyers who always helps clients in tricky situations. He is approachable and easy to work with.’

Superb team and stupendous turnaround time.’

Professional and responsive team, who understand cross-border transactions.

Key clients

Reliance Industries Limited

Innova Captab Limited

Nippon Life Insurance Company (“NLI”)

MB Power (Madhya Pradesh) Limited

Dalmia Cement (Bharat) Limited

IndusInd Bank Limited

Torrent Power Limited

PFC Limited

Piramal Capital & Housing Finance Limited

Nomura Investments (Singapore) Pte. Ltd.

Asset Care & Reconstruction Enterprise Limited

A1 Infrastructure Limited

Dharampal Satyapal Limited

Vedanta Limited

REC Limited

Prakash Traders

Antanium Holdings Pte. Ltd. (previously known as Triterras Holdings Pte. Ltd.), (“AHPL”)

Invent Assets Securitisation and Reconstruction Private Limited

Work highlights

  • Acted as legal counsel for Reliance Industries Limited in submitting and implementing the resolution plan submitted by RIL along with Assets Care & Reconstruction Enterprise Limited for Sintex Industries Limited.

Luthra and Luthra Law Offices India

Acting for lenders, bidders, resolution professionals and distressed asset funds, Luthra and Luthra Law Offices India handles litigation arising out of insolvency, including civil suits and fraud. Piyush Mishra heads the restructuring and finance practice and has advised on some of the leading insolvency resolutions in the country. Having joined from Shardul Amarchand Mangaldas & Co in July 2022, partner Shivani Sinha has substantial experience with CIRPs, liquidation, and acquisition of stressed assets. Aakarshan Sahay and associate Anugya Mukati are also active members of the team.

Practice head(s):

Piyush Mishra; Sanjeev Kumar; Nakul Sachdeva; Nishant Singh; Sudipta Routh; Jay Parikh; Girish Rawat; Shivani Sinha

Other key lawyers:

Aakarshan SahayAnugya Mukati


‘The team is extremely professional in the way it handles the assignments. They are prompt in giving solutions and highlighting various associated risks.’

‘The key strengths of the team would be their knowledge of the subject at hand and ability to understand the nature of transactions while providing out of the box solutions.’

‘Piyush has been exceptional in handling the various stakeholders in the transaction. He’s been extremely prompt and always available to help navigate the overall transaction. On various instances he’s gone above and beyond the scope of work awhile providing advice to protect the interest of the stakeholders he’s representing.’

Key clients

Life Insurance Corporation

Jindal Steel and Power Limited


Pacific Asia Group

PFC Consulting



IDBI Trustee

Credit Suisse

Indian Oil Corporation Limited

ONGC Videsh Limited

Panchsheel Group

Trust Capital

Amtra Aero

SSG Capital




Yes Bank

Vistra ITCL Limited

Deutshche Bank

Gainwell Engineering

Dentons Link Legal

Dentons Link Legal, with its ‘in-depth knowledge and practical experience’ has represented clients across the breadth of the restructuring and insolvency market, including banks, investors, asset reconstruction companies, resolution professionals, and corporate debtors as well as corporate creditors. The team, which has represented cases in the NCLT, NCLAT, and the Supreme Court, is led by Anand Srivastava, Nidhi Pathania, and Abhishek Sharma. Their collective experience encompasses a wide range of industries from hotel insolvencies to liquidations of shipyards.

Practice head(s):

Anand Srivastava; Nidhi Pathania; Abhishek Sharma

Other key lawyers:

Abhinav Agnihotri


‘The team has in-depth knowledge and practical experience.’

Key clients

Insolvency Resolution Professional of Gitanjali Gems Limited supported by Duff and Phelps

Liquidator of ABG Shipyard Limited (supported by BDO), subsequently replaced by the current Liquidator (supported by Primus)

Resolution Applicant in his individual capacity supported by EY

Liquidator of EMCO

Liquidator of ABG Shipyard

Resolution Professional of ACIL Limited


Liquidator and Grant Thornton (GT Restructuring Services LLP)

Consortium of lenders led by State Bank of India

Asset Reconstruction Company (India) Limited & CoC

GKC Projects Limited

Consortium of Lenders led by Canara Bank

Liquidator of TTTCTPL

State Bank of India (SBI)

Saraf and Partners

The team at Saraf and Partners is headed by founder and managing partner Mohit Saraf, alongside senior figures Bikash Jhawar and Manmeet Singh. With considerable experience in this area, the firm frequently advises insolvency resolution professionals, bidders, and lenders. The team is particularly skilled at handling high-value insolvencies and commercial liquidations. Abhishek Swaroop and Abir Lal Dey are both noted for their contribution to some of the firm’s most significant cases.

Practice head(s):

Mohit Saraf; Bikash Jhawar; Manmeet Singh

Other key lawyers:

Abir Lal Dey; Abhishek Swaroop

Key clients

Grant Thornton

Deloitte India IPE

Adani Power Limited

EY Restructuring LLP

Bank of India


JSW Steel Limited

Power Finance Corporation – REC Power Development and Consultancy Limited

Pristine Malwa Logistics Group, backed by Global Infrastructures Partners

JSW Infrastructure Limited

Union Bank of India

Bank of Baroda

Central Bank of India

State Bank of India

Axis Bank Limited

Yes Bank Limited

ArcelorMittal group

Flight Simulation Technique Centre Private Limited, along with Imperial Capital Investments LLC and Big Charter Private Limited

Work highlights

  • Advising the banks and financial institutions in their capacity as financial creditors in the committee of creditors of Future Retail Limited in its ongoing corporate insolvency resolution process.
  • Advised the Resolution Professional for Bhushan Steel Limited (BSL) in its acquisition by Tata Steel Limited [TSL].
  • Advised the consortium of ArcelorMittal and Nippon Steel in their acquisition of Essar Steel through the insolvency resolution process.


The team at Trilegal is spearheaded by Yogesh Singh, who has substantial experience in advising both international and domestic clients on distressed asset transactions. The firm regularly deals with the different aspects of the restructuring and insolvency process, including debt transactions, distressed assets, CIRPs, and due diligence. Aniruddha Sen has experience advising investment banks, international funds, and various investors, while Ramakant Rai often handles matters for resolution professionals as well as creditors and resolution applicants under the IBC.

Practice head(s):

Yogesh Singh

Other key lawyers:

Aniruddha Sen; Nishant Parikh; Kannan Rahul; Ramakant Rai


‘I think the biggest advantage of working with Trilegal is getting cohesive and comprehensive advice from multiple disciplines in a consolidated manner – their GC practice, finance practice, litigation practice – each are very well integrated as well as able to provide composite advice to a client. This makes them standout when compared to other law firms.’

‘The quality of advice, risk assessment, and timeframe for turnaround are all excellent.’

‘Aniruddha is a versatile lawyer, juggling multiple tasks of being involved in debt advisory, PE, M&A, real estate, commercial litigation, restructuring and insolvency. This makes him the perfect go to person for any complicated issues or transaction advisory.

Key clients

Vedanta Limited

Resolution Professional of Bombay Rayon Fashions Limited

Varde Partners

Aditya Birla ARC Limited

Piramal Enterprises Limited

Etihad Aviation Group

China Development Bank, Export Import Bank of China, Industrial and Commercial Bank of China (Chinese Banks)

Kohlberg Kravis Roberts & Co (KKR).

KKR India Financial Services Limited

Resolution Professional of SevenHills Healthcare Private Limited (SHPL)

Arena Investors

Resolution Professional of Harvest Hotels and Serviced Apartments Private Limited (Harvest Hotels)

Asset Reconstruction Co. (India) Ltd. (ARCIL)

Resolution Professional (RP), being a partner with KPMG Restructuring Services LLP.

Committee of Creditors of South East U.P. Power Transmission Company Limited

NTPC Limited

Ashish Rathi – Resolution Professional.

Work highlights

  • Advising Varde Partners on the proposed acquisition of SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL) through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.
  • Advising Piramal Enterprises Limited (PEL) in the corporate insolvency resolution process of Reliance Capital Limited (RCL) under the Insolvency and Bankruptcy Code, 2016.
  • Advised Aditya Birla ARC Limited on the acquisition of State Bank of India’s (SBI) entire loan exposure amounting to approx. INR 3815 crore in KSK Mahanadi Power Company Limited.

Chandhiok & Mahajan, Advocates and Solicitors

Chandhiok & Mahajan, Advocates and Solicitors offers comprehensive advice that covers all aspects of restructuring and insolvency while still maintaining a short turnaround time. The team is headed by managing partner Pooja Mahajan who has extensive experience in this area, alongside  Kaushalya Venkataraman and Avinash Amarnath. The firm has represented its clients in proceedings before the NCLT, NCLAT, and the Supreme Court, and has acted for financial institutions and companies across various industries, including aviation, hospitality, pharma, and manufacturing. Managing associate Mahima Singh and senior associate Savar Mahajan are also noted for their contribution to the team.

Other key lawyers:

Mahima Singh; Nishant Sogani; Savar Mahajan; Arveena Sharma


C&M’s strength lies perhaps in the manner in which its teams works – the partners are very sound and knowledgeable, and delegate very well to a very talented team of associates who are gaining in confidence and experience with each matter. That working relationship and dynamic between the partners and associates is a strength of the firm.

I am very impressed with Puja Mahajan – she has grown a very strong insolvency practice with great client relationships and a committment to the client.’

Key clients

Resolution professional of Dignity Buildcon Pvt. Ltd.

GR Infraprojects Limited

Sarda group of Industries

Chowgule Group

Successful resolution applicant for Jet Airways (India) Limited

Resolution professional of Sarga Hotel Private Limited

Resolution professional of Asian Hotels (West) Limited

Liquidator of Innoventive Industries Limited

Resolution professional of GB Global (earlier known as Mandhana Industries Limited)

Erstwhile monitoring agent of Patna Highway Projects Limited

Liquidator of Insilco Limited

Resolution Professional of NTL Electronics India Limited

Resolution professional of Laksmi Precision Screws Limited

Resolution professional of Emerald Lands India Private Limited

Emaar India Limited

Resolution Professional of Reliance Broadcast Network Limited

Resolution Professional of Unimark Remedies

Resolution Professional of Net4 India Limited

Refex Group

Work highlights

  • Advised and represented the successful resolution applicant in the insolvency resolution process of for Jet Airways (India) Limited (“Jet”).
  • Advised and represented erstwhile resolution professional and monitoring agent of Patna Highway Projects Limited, throughout its insolvency resolution process which successfully culminated in approval of resolution plan by NCLT Principal Bench.
  • Advised and acted for the Chowgule Group in its successful acquisition of Mangalore shipyard assets of Bharati Defence and Infrastructure Limited in liquidation.

Dhir & Dhir Associates

Dhir & Dhir Associates offers a broad range of services from negotiating with creditors and formulating resolution plans to distressed financing, due diligence, and enforcement of security interest. In particular, the firm has in-depth experience handling matters for asset reconstruction companies. Senior partner Sachin Gupta works closely with co-managing partner Alok Dhir on some of the firm’s most complex insolvency and acquisition cases within the real estate and manufacturing industries. Other key members of the team include co-managing partner Maneesha Dhir and Varsha Banerjee, who have long-standing expertise in corporate restructuring and insolvency proceedings.

Practice head(s):

Alok Dhir; Maneesha Dhir; Sachin Gupta; Varsha Banerjee; Rahul Tyagi; Karan Batura; Ashish Pyasi


‘The Dhir & Dhir team is very prompt in dealing with matters, which is led by Mr. Alok Dhir, Mr. Sachin Gupta, and Ms. Versha Banerjee. They are always available to advise on different issues.’

‘All associates, partners and founding members of the Dhir team are prompt in reverting the queries and advising on complex legal issues in different ways.’


Key clients

Suraksha Asset Reconstruction Company Pvt. Ltd.

MB Power Ltd.

Avantha Holdings Ltd.

Paradeep Phosphate Ltd.

Supertech Ltd.



Ansal Crown

IreoFive River Pvt. Ltd (Trident Hill)

Sidhartha Buildhome Pvt. Ltd.

Amrit India Pvt. Ltd.

Work highlights

  • Advised and appeared on behalf of Amrit India Pvt., the first Company wherein a Pre Pack Insolvency Resolution Process has been successfully completed and a base Resolution Plan duly approved by the NCLT.

DSK Legal

With a strong presence in Delhi and Mumbai, DSK Legal represents a diverse range of stakeholders in relation to the IBC. The team consists of a number of experts, including senior partner Sudhir Sharma, who has been involved in the resolution of some of the biggest stressed assets in India, as well as Ajay Shaw and Ashish Pahariya, both of whom are deeply familiar with every aspect of the insolvency resolution process. The firm is proficient at handling high-value insolvencies and liquidations, preparing restructuring proposals and resolution plans, and drafting bid documents. Niraj Kumar is also recommended for his vast amount of experience advising resolution applicants, resolution professionals, and committee of creditors. Nirav Shah has left the firm.

Practice head(s):

Sudhir Sharma; Ajay Shaw; Niraj Kumar; Shiv Sapra; Ashish Pahariya; Sanjeev Pandey

Key clients

Steel Strips Wheels Limited

Anirudh Agro Farms Limited

UPL Limited

Resolution Professional for JBF Petrochemicals Limited

Prestige Estates Projects Limited

Resolution Professional for DS Kulkarni Developers Limited (DSKDL)

ICICI Prudential Real Estate AIF – I

Liquidator for IVRCL Limited

Eicher Polaris Private Limited

Lehman Brothers Capital Private Limited

Simpa Energy India Private Limited

Piramal Capital and Housing Finance Limited

IL&FS Financial Services Limited

Piramal Enterprise Limited

UTI Capital Ltd.

ArcelorMittal India Pvt. Ltd.

Work highlights

  • Advised and assisted Imagicaaworld Entertainment Limited in relation to the Resolution Plan/Offer submitted by Malpani Parks Indore Private Limited (“MPIPL”).
  • Advised and assisted the Resolution Professional appointed for JBF Petrochemicals Limited with respect to the corporate insolvency resolution process of JBF.
  • Represented ArcelorMittal India Pvt. Ltd. in a challenge to its resolution plan for Odisha Slurry Pipeline Infrastructure Limited before the National Company Law Tribunal, Cuttack and National Company Law Appellate Tribunal.


Led by partners Amit Jajoo and Sushmita Gandhi, IndusLaw handles a range of matters, including strategizing processes under the IBC to negotiating and implementing restructuring plans. The firm advises banks, guarantors, resolution applicants, directors, and liquidators, among other stakeholders. The ‘dynamic and enterprising team’ has experience with cross-border insolvency laws, asset freezing overseas, and handling insolvency litigation before the different courts and tribunals. Key members of the team include Shabbeer Ahmed as well as principal associates Aneesh V. and Anamika Singh.

Practice head(s):

Amit JajooSushmita Gandhi

Other key lawyers:

Shabbeer AhmedAneesh V.Anamika Singh


‘The are always on top in terms of strategy with respect to the ongoing litigation matters.’

‘Shabbeer Ahmed is very diligent and articulate. He is prompt with his responses. Also, Aneesh V. who is on his team members is also very proactive.’

‘Induslaw has a dynamic and enterprising team, which is full of hardworking and dedicated individuals.’

Key clients

J.C. Flower Asset Reconstruction Company Pvt. Ltd.

YES Bank Limited

L&T Finance

Axis Bank Limited



State Bank of India

UCO Bank

Punjab National Bank

Canara Bank

Asset Reconstruction Company (India) Limited (ARCIL)

Phoenix ARC Private Limited

Edelweiss Asset Reconstruction Company Limited

DMI Finance Private Limited

VBC Industries Limited

SPG Macrocosm Ltd.

Kamini Metalliks Pvt. Ltd.


Work highlights

  • Advising and representing YES Bank Limited in initiating insolvency proceedings against 7 Essel group (Zee group) companies (the aggregate debt is approx. USD 408m).
  • Representing the Resolution Professional of Ezeego One Travel and Tours Limited (Cox and Kings Group) and the Committee of Creditors comprised of Axis Bank and YES Bank in the corporate insolvency and liquidation process under the IBC (the aggregate debt is approx. USD 133m).
  • Representing L&T Finance in an application for insolvency of personal guarantor of Deccan Chronicle Holdings Limited (“DCHL”) (the overall debt is approx. USD 246m).

Krishnamurthy and Co

Krishnamurthy and Co has experience advising financial institutions, resolution applicants, and investors, among others, and has great experience with the IBC process. The team, co-led by Rukmini Roychowdhury and Ayush Agarwala, frequently handles cases across different industries from infrastructure and petrochemicals to healthcare and real estate. Aditya Narayan Mahajan is a further standout practitioner with his skills in navigating cross-border disputes, negotiating with resolution applicants, and initiating insolvency proceedings.

Other key lawyers:

Aditya Narayan Mahajan

Key clients

Xander Finance Limited

State Bank of India

Liquidator of Biotor Industries Limited

Majority Committee of Creditors of Unimark Remedies Limited

Committee of Creditors of Lanco Mandakini Hydro Energy Pvt Ltd.

SBIFM Special Situations Fund-1

Work highlights

  • Representing Xander Finance Ltd. before the Hon’ble NCLT and filed applications against personal guarantor.
  • Represented the liquidator of Biotor before the Gujarat High Court and was successful in obtaining an order against the GIDC.
  • Advised and represented the Committee of Creditors of Lanco Mandakini Hydro Energy Pvt Ltd. before the Hon’ble NCLT during the process of obtaining an extension of time to complete the CIRP and to allow prospective resolution applicant to submit a resolution plan.

Phoenix Legal

Phoenix Legal advises on voluntary liquidation, dissolution of companies, and other matters under the IBC. The team is headed by Saket Shukla, Manjula Chawla, and Abhishek Saxena, alongside Gautam Bhatikar, who is based in Mumbai. The team is especially proficient at handling corporate insolvency matters for resolution professionals. In particular, associate partner Neha Naik has represented several notable banks and foreign-owned enterprises in relation to insolvency proceedings. Lawyers are in Dehli unless otherwise stated.

Practice head(s):

Saket Shukla; Manjula Chawla; Abhishek Saxena; Gautam Bhatikar

Other key lawyers:

Neha Naik

Key clients

Mersen SA

Argus Partners

With experience in matters relating to corporate restructuring and distressed assets, Argus Partners has advised financial creditors, investors, asset reconstruction companies, and corporate debtors. Managing partner Krishnava Dutt leads the team, alongside Aastha, Adity Chaudhury, and Arka Majumdar. Their collective experience includes advising on liquidations, CIRPs, stressed loans, resolution plans, and debt restructuring.

Practice head(s):

Krishnava Dutt; Aastha; Adity Chaudhury; Arka Majumdar


Experienced, commercial and solutions-focused.

Key clients

HDFC Limited

Grant Thornton Bharat LLP

Ares SSG Capital

Assets Care and Reconstruction Enterprise Limited

Tata Steel Limited

KKR India Financial Services Limited

Piramal Capital & Housing Finance Limited

IIFL Wealth Limited

Work highlights

  • Advising and representing HDFC Limited in the corporate insolvency resolution process of 348 group entities of Infrastructure Leasing & Financial Services (IL&FS) under the aegis of the Insolvency and Bankruptcy Code, 2016.
  • Advising and representing the Resolution Professional in the corporate insolvency resolution proceedings of Supertech Limited.
  • Advised Tata Steel Limited in their bid to acquire Rohit Ferro-Tech Limited through its wholly owned subsidiary, Tata Steel Mining Limited under the aegis of the Insolvency and Bankruptcy Code, 2016.

Dua Associates

Representing the full spectrum of stakeholders, including resolution professionals, financial creditors, and corporate debtors, Dua Associates regularly represents asset reconstruction companies and banks. The team is headed by Angad Varma and Chitranshul Sinha, both of whom have a plethora of experience handling IBC applications before various courts and tribunals.

Practice head(s):

Angad Varma; Chitranshul Sinha

Other key lawyers:

Toyesh Tewari; Prashant Kumar

Key clients

Piramal Capital & Housing Finance Limited

VSJ Investments Private Limited

Piramal Enterprises Limited

Indiabulls Real Estate Fund

ICICI Prudential Real Estate Fund

Resolution Professional of Boulevard Projects Private Limited

SBICAP Venture Limited

Altico Capital India Limited

Hongkong and Shanghai Banking Corporation

Suraksha Asset Reconstruction Ltd.

JM Financial Asset Reconstruction Company Ltd.

Yes Bank Ltd.

Manjeet Cottons



State Bank of India

Assets Care and Reconstruction Company Limited

IDBI Trusteeship Services Limited

Omkara Assets Reconstruction Private Limited

India Resurgence Arc Private Limited

APRN Enterprises Private Limited

Work highlights

  • Represented Assets Care and Reconstruction Enterprise Limited before the Supreme Court, National Company Law Appellate Tribunal, and National Company Law Tribunal in the corporate insolvency resolution process of Supertech Limited, a major real estate entity in northern India.
  • Represented the Resolution Professional of Boulevard Projects Private Limited before the CoC, NCLT, National Company Law Appellate Tribunal and the Supreme Court.
  • Represented SWAMIH Investment Fund in filing an Intervention Application before the National Company Law Tribunal in a pending Section 7 Application against a real estate developer.

Economic Laws Practice

With a multi-disciplinary team, Economic Laws Practice utilizes its finance, corporate, and dispute resolution expertise. The firm has been active in analyzing and challenging the provisions under the IBC, having represented several cases concerning interpretational issues of the IBC as well as questioning the scope of the NCLT’s powers under the legislation. Dinesh Pednekar and Shailesh Poria lead the team with experience advising on stressed assets, personal insolvency, and debt recovery, among other insolvency matters. The team has been strengthened with the addition of senior counsel Mukesh Chand, an experienced banking and insolvency expert who arrived in July 2022 from an in-house position.

Practice head(s):

Dinesh Pednekar; Shailesh Poria; Mukesh Chand

Key clients

Reliance Commercial Finance Limited (RCFL)

NRC Limited

Industrial and Commercial Bank of China (ICBC)

Bhushan Power & Steel Limited

HSA Advocates

Having represented large banks and asset reconstruction companies such as ICICI Bank and ARCIL, HSA Advocates has standout expertise within the restructuring and insolvency space. The firm regularly represents clients before various courts and tribunals, including the Debt Recovery Tribunal. The team, which is co-led by Pratik Ghose and Abhirup Dasgupta, has an in-depth understanding of the various interconnected issues of restructuring, and also has experience handling domestic complex structured finance as well as matters with a cross-border element.

Practice head(s):

Pratik Ghose; Abhirup Dasgupta

Key clients

Asset Reconstruction Company India Ltd

ICICI Bank Ltd

The Tata Power Consolidated Provident Fund

Pramerica Life Insurance Ltd

Axis Bank Ltd

ACME Cleantech Solutions Pvt Ltd

Kotak Mahindra Bank Limited

Edelweiss Asset Reconstruction Company


CFM Asset Reconstruction Private Limited

TRL Krosaki Refectories Limited

Work highlights

  • Represented ICICI Bank before the Debts Recovery Tribunal and the Delhi High Court.
  • Representing Pramerica Life Insurance and TATA Power Consolidated Provident in NCLT proceedings.
  • Represented Asset Reconstruction Company (India) Limited before the National Company Law Appellate Tribunal, New Delhi, and the Supreme Court.

Samvad Partners

Samvad Partners has a comprehensive insolvency and restructuring practice that caters to stressed asset funds, insolvency professionals, liquidation proceedings, corporate debtors and financial and operational creditors, among others. The practice has advised on matters spanning across the different industries, including the energy sector, real estate, financial services, and construction. Located in Mumbai, partner Vineetha MG co-heads the team alongside Bengaluru-based Aparna Ravi. The firm has extensive experience negotiating settlements, handling recovery proceedings, and representing financial institutions in out-of-court restructurings.

Practice head(s):

Vineetha MG; Aparna Ravi


Vineetha MG is involved in transactions and updated with legislations and judgments. Prompt in coming up with innovative solutions.

Key clients

Essar Oil and Gas Exploration and Production Limited

Incred Financial Services Private Limited (Formerly KKR India Financial Services Limited)

KKR India Asset Finance Limited

The Former Promoters and Directors of Shriram Land Development Private Limited

Work highlights

  • Restructured the existing rupee and USD 195.68m loans of Essar Oil and Gas Exploration and Production Limited.

PSL Advocates and Solicitors

The ‘highly proactive, professional and transparent team at PSL Advocates and Solicitors is led by managing partners Sandeep Bajaj and Sameer Jain. With considerable expertise in this area, the firm advises on both individual and corporate bankruptcy, including negotiating settlements and restructuring with creditors, liquidations, formulating resolution plans and identifying strategic investors. Aakansha Nehra is recommended for matters related to corporate debt restructuring, debt recovery, and corporate insolvencies, whiSoayib Qureshi and Vipul Jai are recommended for contentious matters.

Practice head(s):

Sandeep Bajaj; Sameer Jain

Other key lawyers:

Soayib Qureshi; Aakanksha Nehra; Vipul Jai


‘Mr. Sameer and his entire PSL team is very humble and gives full attention and time to your matter. Their response time is very fast. They understand what their client is looking for and gives the most suitable and appropriate advice that best suits the interest of the client.’

‘I would recommend PSL at any time.’

‘They are highly proactive, professional and transparent.’

Key clients

Bhushan Power & Steel Ltd.

HCL Technologies Ltd. and Mr. C. Vijayakumar (CEO, HCL Technologies Ltd.)

Erstwhile Promoter of Corporate Power Limited

Liquidator of Gupta Infrastructure India Private Limited

Erstwhile Director of Kaizen Power Limited

Sahara Hospitality Ltd. and Amby Valley Ltd.

Petron Engineering Construction Limited

Liquidator of Petron Engineering Construction Limited

Sahara Hospitality Ltd.

KSS Petron (through its Liquidator)

Krrish & Brahma Buyers Association (Regd.)

Kerilee Investments Limited

Liquidator of Sterling Biotech Limited

Siemens Limited

Affordable Infrastructure and Housing Projects Pvt. Ltd

Shree Metals (Mujbi) Private Limited

Prime Interglobe Private Limited

Jubliant Malls Private Limited

Al Saqib Exports

Shree Ram Protiens

Compuage Infocom Limited

Work highlights

  • Advising Ex-promoter of Bhushan Power & Steel Ltd and represented the client before Hon’ble Supreme Court.
  • Representing Liquidator of Petron Engineering Construction Limited, which is undergoing liquidation.
  • Successfully represented Liquidator of Petron Engineering Construction Limited, in which the Claimant was adjudged as a successful bidder for carrying on composite works for the said Projects.