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Editorial

L&L Partners Law Offices continues to be active in the insolvency and restructuring space. The group has been instructed in some particularly notable transactions, including acting for the resolution professionals in the insolvency resolution processes for both Binani Cement and EPC Constructions India.

FIRMS IN THE SPOTLIGHT

Chandhiok & Mahajan, Advocates and Solicit

The firm advises on a range of issues arising under the recent Insolvency & Bankruptcy Code, 2016. The firm is part of SIG 24, INSOL India - an exclusive group of leading firms engaged in restructuring, turnaround and insolvency activities. The firm routinely advises debtors and creditors of insolvent entities in various proceedings before the National Company Law Tribunal and National Company Law Appellate Tribunal.

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The Mumbai-based restructuring and insolvency team at Trilegal continues to receive instructions in some of biggest insolvency and restructuring filings in India. The group frequently acts for creditors, and investors and leverages the firms banking, finance, corporate and capital markets expertise to advise on a range of issues. Work highlights include advising several prospective bidders in submitting resolution plans for distressed companies in the steel sector. A team has also been instructed by the insolvency resolution professional in the insolvency process of a hospital chain. The group jointly led by Aniruddha Sen, Nishant Parikh in Mumbai, Karan Singh benefits from the arrival of Kannan Rahul from J Sagar Associates, while in Bangalore Arjun Ghose has arrived from Shardul Amarchand Mangaldas & Co.

AZB & Partners' frequently acts for resolution professionals in high-profile restructuring and insolvency proceedings, as well as defending the Reserve Bank of India (RBI) in proceedings challenging the validity of its circulars issued. Work highlights include acting for Ernst & Young as resolution professional in Bharati Defence and Infrastructure's corporate insolvency resolution process. The team also advised RBI in a writ petition filed by Essar Steel India against the circular giving direction to banks to refer certain large distressed companies into an insolvency process. The group has also handled matters for both lenders and debtors in insolvency filings. The team is jointly led by Rajendra Barot, Ashwin Ramanathan and Shameek Chaudhuri (all based in Mumbai).

The corporate restructuring and insolvency practice at Dhir & Dhir Associates is frequently instructed in restructuring and insolvency code proceedings, with particular experience advising creditors. In a matter jointly led by managing partner Alok Dhir and associate partner Carsha Banerjee – both based in New Delhi – a team was instructed both initially by Punjab National Bank and later by the Industrial Development Bank of India in relation to MBL Infrastructures insolvency process. A team led by Nilesh Sharma is also advising a committee of creditors in the corporate insolvency resolution process of Athena Domwe Power.  In another highlight, the team is advising the suspended board of Essar Steel on legal issues arising from the company's insolvency.

Majmudar & Partners' Mumbai-based restructuring and insolvency team combines corporate, tax and insolvency law expertise to advise clients on both contentious, transactional and strategic matters. Neerav Merchant  – who heads the department alongside Rukshad Davar – led a team advising Asia Capital Reinsurance in relation to winding-up and insolvency related searches against Punj Lloyd, as well as in relation to unfair preference payments and clawback of payments by the liquidator. The practice is also instructed by Cigna Corporation on its proposed replacement of TKK Group from CignaTKK Health Insurance Company. Of counsel Fraser Alexander is another key name to note for insolvency disputes.

The restructuring team at Phoenix Legal advises clients in insolvency proceedings, M&A transactions and litigation. Boasting particular expertise in cross-border matters, Abhishek Saxena  (based in New Delhi) led a team advising the Bank of New York Mellon on the corporate insolvency resolution process of Essar Steel India. The group is also representing Chhaparia Industries in its insolvency application before the national company law tribunal. Mumbai-based Jyoti Singh is another key name to note, particularly for contentious matters.

The bankruptcy and restructuring practice at Shardul Amarchand Mangaldas & Co has experience acting for both creditors and resolution professionals. A team, jointly led by Shardul Shroff and  Pallavi Shroff, was instructed by the State Bank of India in filing corporate insolvency resolution proceedings against Essar Steel India.

Leveraging the firms banking, corporate and dispute resolution practices, Economic Laws Practice has been instructed primarily by creditors, as well as insolvency professionals and bidders, in restructuring and insolvency matters. It represented the resolution professional in the corporate insolvency resolution process of Parekh Aluminex.

The restructuring and insolvency team at Link Legal - India Law Services is instructed by resolution professionals, creditors and bidders in insolvency proceedings. Siddharth Srivastava heads up the practice which represented the resolution professionals in resolution proceedings of Jyoti Structures.

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