About

Can you briefly explain how the legal team is structured, highlighting key individuals and their role within the department? We are a young and dynamic team of approximately 17 lawyers providing legal support across the IL&FS Group verticals i.e. financial services, energy, road and other infrastructure sectors. Each broad business vertical within the IL&FS group has certain lawyers specialising in the sector. Each of these lawyers, in turn report into the general counsel of the entire group. Additionally, the team also acts as a floating resource to assist the group in its resolution process. Meghana Singh, the general counsel of the group, leads this very vibrant group of young lawyers with diverse backgrounds. Singh is a transactional and advisory lawyer with a mix of private practice and in-house experience. She has worked across various jurisdictions in close proximity with the c-suite team and provides the overall strategic guidance to the group. She started her engagement with the IL&FS group with IL&FS Financial Services (IFIN), the NBFC arm which she continues to manage closely, and within a year took up the more challenging role of the group general counsel. The other key team members include Sneha Shenoi, who acts as second in command. Shenoi, a Harvard Law School LLM holder, has a vast experience in the infrastructure and financing space. Has the legal team been involved in any significant cases in the last two years? For a relatively small team, we are managing a really complex time at the group and a substantially large volume of litigations. For instance, IFIN currently manages approximately 108 litigations comprising legal action taken towards recovering monies from loans disbursed to borrowers. Most of these litigations, were initiated after the new government-nominated board took over the IL&FS group. In fact, as a direct result of the team’s aggressive, dedicated and innovative efforts, IFIN has managed to recover over Rs900 crore in such a short period in time. Additionally, there are many first of its kind matters being managed by the team, including the resolution process for the Group together with external counsel and various decisions influencing interpretation of the insolvency and bankruptcy code. What recent political, economic or regulatory changes in India have impacted your company and the team the most? One of the key regulatory challenges is the new IBC regime including the constant changing interpretations by the judicial authority, however, the team approaches the regulatory environment as an opportunity of identifying innovative solutions and interpretations. The team is now geared to adapt to the changing requirements of the law, and although extremely challenging, the advantage of a young team, is that they come with new perspectives and strategies and are adaptable. What will be the company’s main focus for the next 12 months and how does the team intend to assist with this? The main focus in the next 12 months is threefold – first to recover as much as possible from borrowers of the group, second to ensure expeditious monetisation of assets of the group and third, achieve resolution of the group debt. While the first is a part of the day-to-day activity of the relevant team member, for the latter two, specific resources within the team are identified for each asset, who then provide legal support. These activities are supplemented by various other activities such as possible restructuring of loans.

Has the team utilised technology to improve output or drive efficiencies? The systems within the organisation are geared for robust approval matrix for the identifying and appointment of external counsel. This ensures accountability and identification of the most efficient and reasonable external support. Further, the team has developed a detailed tracker system for various litigations to ensure that all proceedings are closely monitored and adequate attention is provided. Can you sum up the team culture/ethos?

The team works with the spirit of cooperation and constant innovation to act as a partner to the key stakeholders for delivering efficient solutions for the organisation. It is a lean team handling an immense volume of complex legal issues, and pre-imminence of cooperative spirit has grown organically. This is reinforced by the leadership undertaking constant communication, reviews and feedback to ensure the ethos of cooperation permeates the team. Further, the team works with the belief that while precise and clear knowledge is sine qua non of every legal team, it is the constant innovation to deliver results that turns the team into a partner of the key stakeholders of the organisation. Focus on…