ZBA > Mumbai, India > Firm Profile
ZBA Offices
412 Raheja Chambers
213 Nariman Point
Mumbai 400 021
India
ZBA > The Legal 500 Rankings
India > Shipping Tier 1
ZBA’s team, renowned for its ‘excellent track record and expertise’, possesses an in-depth understanding of the maritime space, providing counsel to both domestic and international clients across a wide spectrum of contentious and non-contentious matters, spanning a range of sectors including the infrastructure, shipping, offshore energy and commodities industries. Zarir Bharucha leads the practice in Mumbai, specialising in defendant strategies for litigation and arbitration. The practice also draws strength from key associates, including Bimal Rajasekhar, Chandrasekhar Haridh and Rishi Thakur, who bring significant expertise in international commercial disputes to the team.Practice head(s):
Zarir Bharucha
Other key lawyers:
Testimonials
‘The team has an excellent track record and expertise in Indian shipping law. Their reaction is very quick, and their advice is to the point.’
‘Zarir Barucha has practiced in London, therefore he has a good understanding of the English shipping law as well, which is very helpful for the foreign client.’
‘The team is always available. The solutions offered are resourceful and practical as to its legal advice.’
‘Zarir Barucha is always ready to offer a solution and a way forward.’
Key clients
Western Concessions Private Limited
Banque Cantonale De Geneve
Harmony Marine Shipping Limited
LSS Ocean Transport DMCC
Steamship Insurance Management Services Limited
Glory Ship Management Pvt. Ltd.
Maritime Mutual Insurance Association (NZ) Ltd.
IDBI Bank Limited
Sportking India Limited
Nordisk Legal Services
Assuranceforeningen Skuld
Spectrum Shipping Pty Ltd.
Deugro India Private Limited
India > Banking and finance Tier 2
Boutique law firm ZBA is adept at handling banking and finance matters for a range of foreign and Indian banks and financial institutions. Key areas of expertise include cross-border and domestic loans, acquisition financings, and structured finance matters. The practice is led by Niloufer Lam, who has extensive experience in assisting public sector entities, acting as both lenders and borrowers, in high-value lending transactions.Practice head(s):
Niloufer Lam
Key clients
Indian Railway Finance Corporation Limited
State Bank of India, London Branch, Bank of Baroda, IFSC Banking Unit and Sumitomo Mitsui Banking Corporation, Singapore Branch
Fasanara
Work highlights
- Assisted Indian Railway Finance Corporation Limited with external commercial borrowing from Sumitomo Mitsui Banking Corporation, Singapore, MUFG Bank, Ltd. and Mizuho Bank, Ltd and Sumitomo Mitsui Banking Corporation, Singapore as Facility Agent.
- Assisted Fasanara Capital Limited with the transaction of $100m term loan facility granted by Fasanara Securitization S.A. to Morus.
- Assisted State Bank of India with the transaction of $750m, a term loan facility granted by SBI, Bank of Baroda and SMBC to NTPC.
India > Capital markets Tier 3
ZBA’s practice assists clients with the whole array of debt capital markets transactions, including foreign currency bond issuances and non-convertible debentures. The team continues to advise corporations in various industries, including the financial services, banking, manufacturing, insurance and energy sectors. Niloufer Lam, who has substantial experience in debt offerings, leads the practice and is supported by Mihir Shukla.Practice head(s):
Niloufer Lam
Other key lawyers:
Key clients
Hindustan Petroleum Corporation Limited
Indian Oil Corporation Limited
Niva Bupa
Nippon India Mutual Fund
Fasanara Capital
Work highlights
- Assisted Hindustan Petroleum Corporation Limited with a deal involving the $200m issuance of debentures.
- Assisted Indian Oil Corporation Limited with a deal involving the $200m issuance of debentures.
- Assisted Niva Bupa with a deal involving the issuance of 10.70% debentures due 2032, which was the second issuance of subordinated debt.
ZBA > Firm Profile
ZBA is a client centric law firm providing international quality Indian legal services. We advise leading businesses which operate in India. We are known for advising on complex, strategic and reputation critical matters for our clients. This is where our quality of expertise, knowledge, tactics and depth of experience delivers the greatest impact and value.
Understanding your requirements, objectives and operating environment is important to us. We place particular emphasis on this aspect. We work with you to achieve extraordinary results, harness commercial potential and become trusted long-term partners. Smart strategies and honest advice set us apart from our peer group.
Domestic or international, established or forthcoming – we work with a diverse range of organisations. We identify and manage risk and liability, navigate legal challenges and enable your strategic growth in today’s complicated and volatile business environment.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Banking & Finance, Capital Markets | Niloufer Lam | niloufer.lam@zba.co.in | +91 99206 68000 |
Admiralty & Maritime, Dispute Resolution & Arbitration | Zarir Bharucha | zarir@zba.co.in | +91 98210 91908 |
Staff Figures
Lawyers : 10Languages
English (fluent) Hindi and other Indian languagesLegal Developments
Pre-Packaged Insolvency Resolution Process Framework – A Leap Forward
15th March 20211. Introduction
Covid-19 related stress severely impacted all aspects of the Indian economy including the nascent insolvency regime under the Insolvency and Bankruptcy Code, 2016 (“Code”). The financial stability report (“FSR”) of December 2020 released by the Reserve Bank of India (“RBI”) predicts a sharp rise in the gross non-performing assets of banks by September 2021[i].
Changes for Listed Debt Securities easier participation into Debt Resolutions of Indian Corporates a
10th November 2020 Introduction The SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“Debt Regulations”) provide the framework for issue and listing of debt securities in India (“NCDs”). SEBI as a proactive guardian of the capital markets has taken measures to assist market investors in debentures having a framework which integrates into any debt resolution process where an intercreditor agreement (“ICA”) needs to be executed by all creditors under the RBI schemes for debt restructuring. With the view to improve and strengthen the debt markets SEBI issued circular Standardisation of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities” dated 13 October 2020 (“SoP Circular”) and also amended the Debt Regulations on 8 October 2020 (“Amendment Regulations”) to increase disclosure to investors and enhance security related aspects.Indian Takeover Code – Extent of Disclosure on ‘Encumbrance’ in Structured Debt Transactions
10th November 2020 Introduction Pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (‘SAST’), shares taken by way of encumbrance are treated as an acquisition. The scope of the term encumbrance was sharply brought into light by a recent adjudication order by Securities and Exchange Board of India (‘SEBI’) involving 2 promoter entities of Yes Bank Limited (‘YBL’) in March 2020. Whilst this case was decided in the context of an earlier version of SAST, the order has implications on drafting transaction documents and disclosing an encumbrance by promoter entities in financing transactions.Ease of Foreign Portfolio Investor Flow of Capital into India through Mauritius
10th November 2020Recent changes in investment laws have been made by the Securities and Exchange Board of India (“SEBI”), which regulates capital markets, in order to incentivise foreign portfolio investors (“FPIs”) to increase their investments in India. SEBI has enabled the Government to determine additional countries, other than Financial Action Task Force (“FATF”) member countries, where FPIs can register under less onerous conditions. Recognising the importance of Mauritius as a key conduit of FPI investment into India, the Government has permitted eligible Mauritian FPIs to register under the more beneficial category of Category I FPI.
Stricter Foreign Direct Investment from Neighbouring Countries – Future Challenges
9th November 2020 Introduction The Government of India has a comprehensive policy framework on foreign direct investment (“FDI”) in the circular on consolidated FDI policy issued by the Department of Industrial Policy and Promotion (“DIPP”), Ministry of Commerce & Industry, Government of India (“FDI Policy”) which permits offshore investment under the: (i) automatic route (i.e. without government approval) or (ii) government route (i.e. with prior approval) subject to sectoral conditions.Arrest of Vessels for unpaid Bunker Supplies in the Gujarat High Court – A Change in the Law
9th November 2020 Introduction The recent judgment of Dan Bunkering Pte. Ltd v. Best Excellence Corporation Ltd (Civil Application No.1 of 2019 in Admiralty Suit no.8 of 2019) 21 August 2020 has upturned admiralty law in Gujarat. Those familiar with vessel arrests in India may know that the Gujarat High Court had for over two decades permitted bunker suppliers to arrest ships for a charterers debt. There was a brisk trade in the Gujarat High Court of arresting vessels for unpaid bunkers admittedly ordered and supplied at the behest of the charterer. An enlarged view of the personification theory of a ship was adopted by the local court to justify arresting ships without any requirement of the in personam liability of the owner as a precondition to invocation of the court’s in rem jurisdiction. Ship arrest for the unpaid dues of a time/voyage charterer was easily obtained. The distinction between maritime liens and maritime claims were confused and conflated by the local courts.Put Options and Enforcement of Foreign Awards in India
5th November 2020 Introduction In another instance of the Indian judiciary’s pro-arbitration approach, the Bombay High Court in a recent judgement enforced a SIAC award arising out of a dispute relating to a shareholder agreement. The Court rejected public policy objections to enforcement relating to inadequacy of stamp duty and alleged violations of exchange control regulations.India’s Embrace of Online Courts
5th November 2020 Past attempts by the Indian judiciary to digitise cases have not met with much success. The lockdowns following Covid 19 have given a renewed and urgent impetus for virtual justice in India. Recent virtual hearings by the Bombay High Court during the lock- down period met with universal admiration with clamours that this process become the new norm for all disputes- not just urgent matters, as is presently the case.FORCE MAJEURE AND FRUSTRATION OF CONTRACTS DURING COVID-19
14th May 2020INTRODUCTION
The unprecedented upheaval caused by COVID-19 has affected normal performance of contractual duties. Logistical issues, health and safety risks and governmental decreed ‘lock-downs’ for extended periods of time have up-ended life and commercial activity on an unparalleled scale. A post-Covid world is beset by delays, payment defaults and a failure or refusal to perform contractual promises and stipulations.
India’s Embrace of Online Courts
14th May 2020Introduction
Past attempts by the Indian judiciary to digitise cases have not met with much success. The lockdowns following Covid 19 have given a renewed and urgent impetus for virtual justice in India. Recent virtual hearings by the Bombay High Court during the lock- down period met with universal admiration with clamours that this process become the new norm for all disputes- not just urgent matters, as is presently the case.