Best Insolvency & Bankruptcy Law Firm in India

Insolvency and Bankruptcy

The Firm has extensive experience dealing with matters on Insolvency and Bankruptcy Code, 2016 (IBC). We have expertise in both pursuing and defending insolvency and bankruptcy proceedings. We follow a systematic and strategic evaluation of cases, thereby providing advisory services to multi-national corporations on insolvency issues.

Our Insolvency and Bankruptcy team is equipped with in-depth knowledge and qualifications, making them adept at handling high stakes matters, which have been landmark cases in IBC. We have been assisting our domestic and international clients by continuously deep diving into providing diverse solutions with the best possible outcomes to cases.

We take pride in being the trusted advisors to business leaders who consult us on complex issues under the IBC. Our lawyers had played a key role in several successful high-value acquisitions right from the time when IBC was enacted. We actively represent before the National Company Law Tribunal, the National Company Law Appellate Tribunal, and the Supreme Court of India.

Key highlights

In the first successful corporate acquisition under the IBC, the Firm represented TATA Steel Ltd. in the corporate insolvency resolution process initiated against Bhushan Steel Ltd., enabling TATA Steel Ltd. to successfully acquire Bhushan Steel Ltd.

In a highly publicized litigation, the Firm successfully advised and appeared for, Arcelor Mittal India Private Limited in the highly valuable corporate insolvency resolution process of Essar Steel India Limited. This acquisition was a crucial strategic step for Arcelor Mittal to build a meaningful production presence in India.

The Firm has advised and represented JSW Steel Ltd. (JSW) in relation to the corporate insolvency resolution process of Bhushan Power and Steel Ltd. (BPSL). While the Supreme Court had initially set aside the resolution plan of JSW on certain grounds, the Firm was successful in securing a status quo on the liquidation proceedings before the National Company Law Tribunal until the Supreme Court disposed of the review petition proposed to be filed by JSW seeking a reconsideration of the decision to set aside its resolution plan. In a rare and landmark decision, the review petition filed on behalf of JSW by the Firm was allowed by the Supreme Court, which ultimately reversed its earlier decision and upheld the resolution plan of JSW.

The Firm represented Kalpraj Dharamshri and Rekha Jhunjhunwala, who led the consortium which successfully acquired Ricoh India Limited by way of the corporate insolvency resolution process under the Code.

The Firm has advised and successfully represented, Arcelor Mittal India Private Limited before the National Company Law Appellate Tribunal, New Delhi and the Supreme Court in the heavily contested corporate insolvency resolution process of Odisha Slurry Pipelines Infrastructure Limited (OSPIL) under the Code. The Apex Court dismissed the appeal filed by SREI Infrastructure Finance Limited and finally approved the Resolution Plan submitted by Arcelor Mittal for the resolution of OSPIL.

The Firm successfully defended Air India Limited, India’s flag-carrier airline which also holds the coveted position of being the country’s largest international carrier, against insolvency proceedings initiated by BKP Enterprise, claiming to be an operational creditor by virtue of a debt assigned in its favour by Orbest Airlines, which had been awarded a tender to carry pilgrims from Jeddah / Medina, Saudi Arabia to Gaya, India as part of Haj operations.

The Firm has advised and represented Torrent Power Limited in relation to the corporate insolvency resolution process of SKS Power Generation (Chhattisgarh) Ltd. before the National Company Law Appellate Tribunal, New Delhi and the Supreme Court.

The Firm represented the consortium of Murarilal Jalan (JKC) before the Supreme Court in the insolvency proceedings of Jet Airways which has set a critical precedent for insolvency and bankruptcy law in India.

The Firm has successfully advised and represented Adani Power Ltd., the successful resolution applicant in the corporate insolvency resolution process of Essar Power MP Ltd., the holding company of Mahan Energen Limited which was set up to operate a 1200 MW thermal power plant in Singrauli, Madhya Pradesh. The Firm successfully secured orders in favour Adani Power Ltd. before the National Company Law Tribunal, National Company Law Appellate Tribunal and the Supreme Court.

The Firm is presently advising and representing the successful resolution applicant Mangalam Multiplex Pvt. Ltd. (a group company of M3M India Private Limited), one of the leading real estate developers and builders in Delhi NCR and Gurgaon, in the corporate insolvency resolution process (CIRP) of Varutha Developers Private Ltd. The plan submitted by our client presently stands approved by the National Company Law Tribunal and the National Company Law Appellate Tribunal.

The Firm represents successful resolution applicant Adani Enterprises Ltd. in the corporate insolvency resolution process of Jaiprakash Associates Limited, one of India’s leading infrastructure conglomerates with diversified interests across cement, power, hospitality and construction. Adani emerged as the successful resolution applicant in a closely contested process, with Vedanta Limited being the other principal bidder. The resolution plan was approved by the NCLT, pursuant to which Vedanta approached the NCLAT which declined to stay the implementation of the resolution plan. Vedanta thereafter approached the Supreme Court, which declined to interfere with the implementation of the resolution plan. The NCLAT has thereafter upheld the decision of the NCLT.