Restructuring & Insolvency
The Restructuring and Insolvency Practice Group is known for its solution-oriented approach, navigating through the complex legal landscape in India, without losing sight of the commercial and business objectives, and continues to enjoy the reputation of being able to deliver effective advice and provide guidance on complex restructurings and insolvency proceedings.
As a full-service law firm, we are able to draw on our expertise across different practice areas in order to provide our clients with top-quality service. The most notable feature of The Firm’s practice is the integrated corporate restructuring and disputes offering, allowing us to service clients right from board room discussions to courtroom proceedings.
Our Team has built up significant expertise in acting for distressed funds, bidders/resolution applicants, foreign and domestic lenders/Committee of Creditors and the insolvency professionals in restructurings, insolvency resolution processes and liquidations under the Insolvency and Bankruptcy Code (“Code”).
The Firm is also working with industry participants in engaging with the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of India in resolving various issues faced in the implementation of the Code.
Our Partners:
New Delhi
Aakarshan Sahay
New Delhi
Overview
Aakarshan has been extensively and actively involved in significant matters relating to Insolvency and Bankruptcy Code and regularly appears before various National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT) and the Hon’ble Supreme Court. He has ably advised and represented Resolution Professionals, Resolution Applicants as well as the Committee of Creditors (CoC) in numerous Corporate Insolvency Resolution Process.
Given his diverse and rich litigation experience, spanning well over a decade and dealing with wide a multitude of laws, Mr. Sahay brings to the table his comprehensive set of skills and insightful appreciation of complex legal issues. The same are truly valued by the Clients and make him and the Firm a first choice for public sector undertakings and other public and private sector undertakings for pursuing litigation and obtaining opinions, particularly in the fields of arbitration, civil litigation and insolvency resolution.
Experience Statement
- Representing NHPC in the substantive arbitration against M/s Larsen & Toubro Limited for Lot2 and Lot5 of the Project, which entity was awarded the contract for “Construction of HRT intake structures, head race tunnels, surge chamber, pressure shafts, tail race channel, audits and a surface powerhouse” on the Subansiri flowing between the states of Assam and Arunachal Pradesh, where the package claim amount is INR 1908.83 Crores.
- Acted for the Committee of Creditors in the Corporate Insolvency Resolution Process for Ruchi Soya Industries Ltd, Dadi Impex Pvt. Ltd, and Lavasa Corporation.
- Acted for the Resolution Applicants in the Corporate Insolvency Resolution Process for Vardhman Industries Ltd and Haryana Telecom Ltd.
- Acted for IREDA for initiating corporate insolvency resolution process against different corporate debtors.
New Delhi
Abhishek Emmanuel Kisku
New Delhi
Overview
Abhishek Emmanuel Kisku currently serves as a Partner at Luthra and Luthra Law Offices India and is part of the Dispute Resolution practice. He possesses expertise in mainly civil disputes including corporate and commercial disputes, insolvency & bankruptcy matters, and alternate dispute resolution.
His specialization includes arbitrations, special leave petitions and writ petitions, debt recovery proceedings through proceedings before the DRT, civil suits or ADRs, banking and financial matters including proceedings before the NCLT under IBC. Abhishek has also assisted clients in criminal matters, particularly white-collar crimes and cross-border enforcement of decrees and awards, assisting foreign corporations, including international banks, in enforcing foreign awards and decrees within the Indian legal system.
Throughout his career, Abhishek has appeared before various Courts and Arbitral Tribunals across India, including the Hon’ble Supreme Court of India and several High Courts. He has also represented clients before National Company Law Appellate Tribunal (NCLAT), National Company Law Tribunals (NCLT) in New Delhi, Mumbai, Chandigarh and Kolkata, Debt Recovery Tribunals (DRT) at Delhi and Jaipur, Debt Recovery Appellate Tribunals (DRAT), among others.
Experience Statement
- Representing Kroll Group, which is a global financial and risk advisory Firm, in a civil suit filed for recovery of monies based on damages under torts to the tune of USD 5 Billion, alleged to have caused destruction of large diamond business of the Plaintiff. The law involved is Indian Law along with the usage of international convention and treaties. The case is significant as this is one of the first and few cases in India which deals with the issue of breach under tort at this scale, which includes the tort of conspiracies against the client including authorities of the Government of India and will lay down jurisprudence on this subject.
- Advising Pidilite Chemicals, Dubai which is incorporated in Dubai against an entity for recovery of dues by way arbitral proceedings before DIAC and / or through proceedings before the local courts at Dubai.
- Represented Mauritius Commercial Bank (“MCB”) in litigation in Hyderabad against Hestia Holdings which is a wholly owned subsidiary of a company in Hyderabad. The said litigation was for the enforcement of a foreign decree obtained by MCB directing Hestia to repay the loan of USD 20 Million. The case is one of the few cases which deals with the enforceability of a foreign decree in India, involving issues such as what is a decree on merits, under what circumstances an ex-parte decree can be enforced etc. which has been upheld by the Supreme Court of India.
- Advised and assisted Escorts Heart Institute and Research Centre Limited before the Sole Arbitrator Mr. Justice (Retd.) Madan Lokur, Former Judge, Supreme Court of India in an arbitration proceeding initiated against it for an alleged wrongful termination of several pharmacy agreements. In the same proceedings, he has also successfully argued client’s Counter Claim and achieved a favourable Award on the same.
- Advised and represented ANI Technologies Pvt. Ltd. (Ola Cabs) in a number of litigations pending adjudication across various jurisdictions in India in relation to disputes over the regulatory framework within which Ola cabs is to operate. Matters includes a Writ Petition before the High Court of Calcutta challenging ban orders against Ola issued by the Government of West Bengal as well as the applicability of the existing taxi licensing scheme to Taxi Aggregators such as Ola.
New Delhi
Abhishek Ghai
New Delhi
Overview
Abhishek has represented the Central Government in high value matters including sensitive white-collar crime, policy, treaty investment and enforcement matters over the last few years. He is well versed with the Civil, Commercial, Corporate as well as Criminal Laws of India. His main areas of practice are Arbitration (Domestic & International), Criminal Law, Commercial laws, Indirect Taxation, Foreign Trade Policy Matters, Constitutional law, Company Laws, Intellectual Property Laws, Corporate Law, Banking and Finance, Land & Property laws, Labor laws, Cyber laws & E-commerce, Consumer Laws & Anti-Competitive law to name a few. He has also successfully represented major international and national clients.
Experience Statement
- Advising and assisting India’s state-owned gas enterprise in a USD 4 billion international energy arbitration arising on account of Russian Sanctions.
- Advising and representing a global technology public company in its disputes enumerating out of its investment in a tech start-up.
- Representing India’s largest hydropower development organization in its arbitral disputes arising out of its hydropower projects.
- Representing a market leading innovative gas solutions and technologies company in its dispute with an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas, Government of India
- Represented and advised the Client before the London Court of International Arbitration (LCIA) tribunals as well as various allied litigations spread across the globe, including England, Mauritius, Cayman Islands, Luxembourg, Dubai, and India. He also handled two multi-million-dollar international arbitrations, seated in Geneva, administered by the LCIA, arising out of a dispute between a Private Equity (PE) Investor and majority shareholder/promoter (in the FMCG space).
New Delhi
Akshit Kapoor
New Delhi
Overview
Akshit Kapoor has extensive experience in areas of real estate laws, mergers & acquisitions, private client and family office practice, banking and finance, PE investments, insolvency and bankruptcy and corporate restructuring.
Akshit has represented and advised both Indian and International clients on general corporate matters, M&A, joint ventures and commercial contracts across various business sectors like health care, automobile, telecom, consumer goods sector etc.
He has closely collaborated with a wide range of international and domestic corporations, advising them on their business operations in both India and abroad. As being part of the Firm’s real estate practice, he has advised some of the largest real estate companies in India and has been involved in advising numerous international clients for their projects in India.
Akshit has represented and advised HNIs and HNFs, business owners, family offices, corporate fiduciaries as well as charitable and not for profit entities on restructuring, creation of trusts and wills, migration of residency and change in citizenship.
Akshit possesses a profound grasp of the intricate commercial and legal intricacies surrounding land ownership, land acquisition, land use and conversion, regulatory and approval matters, foreign investments, and more.
As part of the Firm’s insolvency and bankruptcy practice, Akshit has gone on to advise clients on exit strategies, refinancing, debt restructuring, distressed sale etc. Akshit specializes in representing distressed funds, bidders’/resolution applicants, lenders / Committee of Creditors, and insolvency professionals in the context of restructurings, insolvency resolution processes, and liquidations governed by the Insolvency and Bankruptcy Code, 2016.
New Delhi
Anshul Sehgal
New Delhi
Overview
With a career spanning a decade, Anshul specializes in dispute resolution, with a focus on corporate and commercial disputes, insolvency & bankruptcy matters, arbitration, litigation, and ADR.
Anshul's extensive experience encompasses a wide array of legal domains. He has represented clients in both domestic and international jurisdictions, earning a reputation for his strategic prowess and tenacity in complex legal matters.
Having appeared before 40+ Courts/Tribunals/Forums across India and abroad, Anshul has established himself as a formidable presence in the litigation arena. Notably, he frequents the Hon’ble Supreme Court of India and various High Courts, including the High Court of Delhi, Bombay, Punjab & Haryana, Gujarat and others.
Anshul's client portfolio boasts leading multinational companies, banks, financial institutions, and non-banking financial companies, for whom he advocates before arbitral tribunals as well as judicial and quasi-judicial forums such as the National Company Law Tribunal, Debt Recovery Tribunal, and the National Green Tribunal. Anshul combines profound expertise with a relentless commitment to achieving optimal outcomes for his clients.
Experience Statement
- Represented the Resolution Professional of ‘Corporate Power Ltd.’: Successfully argued before the Supreme Court of India, establishing precedent on the applicability of the Limitation Act to the Insolvency & Bankruptcy Code, shaping the legal landscape for future cases in this domain.
- Advocated for the Committee of Creditors of Reliance Capital: Secured crucial ruling from the NCLAT regarding the powers of creditor committees in negotiations and resolution plan considerations, enhancing clarity and efficacy in insolvency proceedings.
- Defended forensic auditor firm - Kroll and its Directors in a landmark criminal case: Secured a rare stay on criminal investigation from the Punjab & Haryana High Court, with far-reaching implications spanning the realms of insolvency law and criminal jurisprudence. Anshul also advised and represented Kroll in the first of its kind cross border dispute before the Delhi High Court challenging a request for recording of evidence, by the Indian court appointed commissioner in a Suit before the court at California, USA. Currently, the Firm is also appearing for Kroll’s parent US entity before the Gujarat High Court which is seized of an interesting proposition of law concerning service of summons abroad under Hague Convention by a court in India.
- Pioneered legal strategies in arbitration: Successfully represented Aditya Birla Finance in a precedent-setting case before the Calcutta High Court, affirming the validity of unilateral arbitrator appointments, thereby contributing to the evolution of arbitration jurisprudence.
- Advocated for environmental compliance: Represented Welspun Energy (UP) before the National Green Tribunal, ensuring adherence to environmental laws in the establishment of a 1320MW Thermal Power Plant, demonstrating a commitment to sustainable development.
- High-stakes litigation in pharmaceutical disputes: Represented Biocon in India’s first-ever biosimilar litigation shaping the legal landscape in the pharmaceutical industry.
- Navigated high-profile criminal proceedings: Provided strategic counsel to a key accused in the high-profile cases such as the Common-Wealth Games (CWG) Scam and the 2G Telecom Scam (representing Swan Telecom), showcasing proficiency in complex criminal litigation.
- Served as trusted advisor to leading corporations: Provided comprehensive legal counsel to prominent entities such as healthcare major - Fortis Group, key Indian Banks - State Bank of India, IDBI Bank, and ICICI Bank, spanning a spectrum of legal challenges including arbitration, insolvency, and regulatory compliance.
New Delhi
Astha Ojha
New Delhi
Overview
Astha is a Partner Designate with the dispute's resolution team of the Firm. She specializes in environmental matters, civil and criminal litigation, arbitration, insolvency matters, labour and employment related disputes and consumer disputes.
Experience Statement
- Advising and appearing for Godrej Properties Ltd. before the Hon’ble Supreme Court with respect to an ongoing environmental matter.
- Appearing for PNB Housing Finance Ltd. before the Hon’ble Supreme Court in the issue concerning the constitutional validity of Part III of Insolvency and Bankruptcy Code (IBC).
- Represented Godrej Properties before the Ld. National Green Tribunal (NGT) Principal Bench, New Delhi as well as NGT Chennai.
- Represented Hero in another Special Leave Petition (SLP) filed by one of its Corporate Debtor against the action taken by Hero first under Arbitration Act and thereafter against the IBC. The Hon’ble Supreme Court vide its judgment, held that a reading of Section 14 along with Section 238 of IBC clearly stipulates that there is no bar in invoking the provisions of Arbitration Act, and dismissed the SLP preferred by the Corporate Debtor.
- Advised and represented Krishidhan Seeds Ltd. in insurance related dispute against Oriental Insurance Company before National Consumer Commission, New Delhi and arbitration related to a family dispute.
New Delhi
Girish Rawat
New Delhi
Overview
Girish Rawat is a qualified lawyer and company secretary with close to 15 years of experience. Girish has been involved in numerous complex and high-profile transactions and advises across several sectors, including real estate, projects, infrastructure, hospitality, technology, manufacturing among others.
Girish focuses on banking, finance and restructuring, including structured finance, cross border lending, hybrid debt financing, project finance, acquisition finance, real estate finance as well as restructuring and security enforcement assignments, and the corporate insolvency resolution process.
He actively advises clients on various investment and financing transactions, including bond/ debt securities, both listed and unlisted, buyback of listed securities. He also advises clients on their investment and disinvestment strategies as well as takeover of the listed companies.
Experience Statement
Banking and Finance
- Advised Power Finance Corporation Limited in availing external commercial borrowing to the extent of INR 2340 Crore (USD 360 Million) from State Bank of India, Hong Kong Branch.
Projects and Infrastructure
- Advised GRT Jewelers Private Limited on setting up of solar power project with total capacity of 25 MW at various locations in the State of Karnataka.
Project Finance
- Acted as the Lenders’ Legal Counsel to the consortium of lenders comprising of Power Finance Corporation Limited, Rural Electrification Corporation Limited and Bank of India, led by Power Finance Corporation Limited for the financial assistance of INR 3772 Crore to Western UP Power Transmission Company Limited.
Real Estate
- Advised Landmark Infracon Private Limited on acquiring land parcel of 39.0083 acres, situated in the revenue estate of Village Rajokri, Sub-Division, Vasant Vihar, District North West, Delhi.
Capital Markets
- Acted as the sole legal counsel to the public issue of tax free bonds in the nature of secured redeemable non-convertible debentures aggregating to INR 5,000 Crore by Housing and Urban Development Company Limited.
New Delhi
Harish Kumar
New Delhi
Overview
Harish Kumar, Partner with Luthra and Luthra Law Offices India, a full-service law firm [formerly L&L Partners], is accredited with over 22 (twenty-two) years of diversified experience in dealing with complex legal issues and enabling solutions and implementation for businesses and clients. His expertise pans wide range of corporate, and legal matters including mergers & acquisitions, corporate restructuring, insolvency, joint ventures, fintech, corporate disputes, employment and advising on varied aspects concerning corporate governance and regulatory interface.
Harish brings a unique blend of business thinking and strategy to structuring, negotiating, and closing complex commercial and corporate transactions. His background in commerce and corporate laws helps bringing a realistic and risk based holistic approach which seamlessly and effectively helps in delivering the best solution to the clients. During his professional journey, Harish has advised a number of domestic and multinational companies, including various Fortune 500 companies, in his dynamic practice areas.
Aside, Harish has extensively dealt with various ministries and departments of Government of India, including Reserve Bank of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Competition Commission of India. His advisory role also extends to various advice given to Government of India and key industry associations like CII, FICCI, ASSOCHAM on various practical & legal issues being posed by industries from time to time. Harish has also been a regular speaker at various seminars/workshops being conducted by professional and government bodies.
New Delhi
Harry Chawla
New Delhi
Overview
Harry Chawla has extensive experience in the areas of Banking & Finance, Mergers & Acquisitions, and Real Estate. Harry has advised clients in the banking and financial services sector, real estate sector as well as the hospitality, health care, automobile, aviation, telecom, IT, ITES, consumer goods sectors.
He has represented some of the largest players in the Indian real estate market, including several Indian companies as well as foreign investors. He has also assisted the Government of India as well as State Government(s) in the drafting of legislations in this sector.
Harry has worked closely with a large number of international and domestic corporations with respect to their business in India and abroad, in the areas of general commercial advice, mergers & acquisitions, private equity, corporate restructuring, joint ventures, fund raising and commercial contracts, etc.
He has advised and represented clients on issues pertaining to corporate finance (both domestic and cross border), debt restructuring and refinancing, securitization, acquisition finance, structured finance, bonds and similar instruments. He has acted for both lenders and borrowers and been involved in complex transactions involving multiple lenders across jurisdictions.
He has also participated in the evolution and formulation process of business strategies with several clients, vis-à-vis their new ventures and business initiatives and has advised in establishing, operationalizing and implementing such business strategies of the clients. He has also advised several clients on strategizing in dispute resolution, negotiation and settlement etc.
Mumbai
Jay Parikh
Mumbai
Overview
Jay is a Partner in the Banking & Finance, Insolvency & Corporate Restructurings and Corporate/M&A/PE teams at Luthra and Luthra Law Offices India Mumbai office.
Previously, Jay has been a Partner at Shardul Amarchand Mangaldas (Mumbai) (SAM). Before SAM, he was a founder-partner of Verus and was Co-head of the firm’s corporate advisory & transactions practice.
Over the years, Jay has gained considerable experience in Banking & Finance, Restructurings & Insolvency and Corporate/M&A/Joint Ventures/Private Equity and Capital Markets practices.
Experience Statements
Banking & Finance
- Advised GMM Pfaudler Ltd. on acquisition finance facilities for its acquisitions in India and abroad.
Insolvency & Corporate Restructurings / Debt Resolution
- Advised UVARCL in its resolution of debts of Reliance Communications Ltd. and Reliance Telecom Ltd. as part of their respective corporate insolvency resolution processes.
Mergers & Acquisitions
- Advised Dr. Lal Path Labs Ltd. on its acquisition of Suburban Diagnostics (India) Pvt. Ltd. for INR 12,000 million (approx.).
Private Equity & Venture Capital
- Advised Neev Fund II on its follow-on investment in Blue Planet Environmental Solutions India Pvt. Ltd. – a leading end to end solutions company for waste management and up-cycling.
General Corporate
- Advised Luxottica Group on the restructuring of its Indian operations involving inter alia reduction of capital of RayBan Sun Optics India Limited.
Projects & Infrastructure
- Advised Rolls-Royce Power Systems on its proposed bid as a Contractor in connection with an Asian Development Bank (ADB) funded 70MW gas-based replacement power project at Sivasagar district, Assam.
New Delhi
Karan Mitroo
New Delhi
Overview
With nearly 15 years of invaluable experience under his belt, Karan specializes in rendering advisory and legal assistance in the field of foreign and domestic debt financing in India with clients ranging in various sectors including renewables, roads, ports, steel, thermal power, transmission, airports, hospitality, healthcare, real estate.
Karan has a holistic approach to structuring and negotiating finance and restructuring deals, having advised several stakeholders including borrowers, sponsors, lenders and bond-holders. He has advised clients on myriad financing transactions including project finance, structured finance, corporate finance, restructurings, cross-border financings, debenture issuances and overseas direct investments.
Karan’s roster of clients includes New Development Bank, Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Bank of America, Siemens Bank GmbH, DBS Bank, Société Générale, Japan Bank for International Cooperation (JBIC), Nordic Investment Bank, State Bank of India, PFC Limited, REC Limited, L&T Finance Limited, ICICI Bank, Tata Capital, Aseem Infrastructure, HDFC Bank, Aditya Birla Finance, Virescent (KKR backed renewable platform), Engie, GIP (Global Infrastructure Partners), Enel Group, the Adani Group, Renew Power, amongst others.
He is a Member of the India Committee of APLMA and is on the Editorial board of EQ, one of India’s premier publishing and research houses for renewable energy in India. He has also been featured in the Asia Law Client Servicing Report, 2020, which highlights lawyers who have consistently delivered high quality service to clients.
Experience Statement
- Advised Coöperatieve Rabobank U.A., Intesa Sanpaolo S.P.A, Siemens Bank GmbH and Société Générale in connection with the ECB financing of USD 147 Million provided to Renew Solar Urja Private Limited (part of the Renew Power group) for a 300 MW solar power project in the state of Rajasthan.
- Advised DBS Bank in connection with the ECB financing of SGD 470 Million provided to Bharat Mumbai Container Terminals Private Limited (part of the PSA group, Singapore) for the Phase II of the Fourth Container Terminal at Navi, Mumbai, India.
- Advised Infrastructure Finance Company Limited (United Kingdom) in connection with financial assistance in the form of an external commercial borrowing facility aggregating to approximately USD 31 Million, to a company developing, implementing and setting up a 100 MW (AC) solar power project.
- Advised Renew Surya Roshni Private Limited in connection with ECB facilities availed by it from a consortium of 12 lenders for an amount equivalent to USD Equivalent of INR 77.60 Billion in relation to the financing, construction and operation of a 400 MW capacity "Round The Clock" Project.
- Advised SB Energy Six Private Limited (sponsored by SB Energy Holdings Limited, a part of the SoftBank group) in an ECB financing for an aggregate amount of USD 266,400,000 and JPY 7,415,000,000 involving lenders from various jurisdictions including MUFG Bank Limited, Sumitomo Mitsui Banking Corporation, BNP Paribas, Société Générale and Standard Chartered Bank.
- The deal won 'Indian Green Deal of the Year' award by Project Finance International (PFI) 2020.
- The deal also won the ‘India Green Project of the Year Award’ at Asset Triple A- Asia Infrastructure Awards 2021.
New Delhi
Nakul Sachdeva
New Delhi
Overview
Nakul Sachdeva joined Luthra and Luthra Law Offices India in July, 2018 as Partner Designate and was elevated to a Partner in November, 2019. Nakul has been extensively and actively involved in significant matters relating to the Arbitration Act as well as the Insolvency and Bankruptcy Code and regularly appears before various NCLT’s, NCLAT and the Hon’ble Supreme Court.
He has ably advised and represented Resolution Professionals, Resolution Applicants as well as the CoC in numerous Corporate Insolvency Resolution Process. Given his diverse and rich litigation experience, spanning well over a decade and dealing with wide a multitude of laws, Mr. Sachdeva brings to the table his comprehensive set of skills and insightful appreciation of complex legal issues. The same are truly valued by the Clients and make him and the Firm a first choice for public sector undertakings and other public and private sector undertakings for pursuing litigation and obtaining opinions, particularly in the fields of arbitration, civil litigation and insolvency resolution.
Experience Statement
- Representing NHPC in a Section 34 (Arbitration) Petition against M/s BGS-SGS-SOMA JV before the Hon’ble Delhi High Court, contesting an Arbitral Award of USD 100 million.
- Assisted and advised NHPC in conducting a study of numerous ‘Arbitral Awards against NHPC’ and provided suggestion/recommendations as to how Arbitral Proceedings are to be conducted in an efficient, cost effective and timely manner.
- Assisted the Resolution Professional in all the litigation arising out of the Corporate Insolvency Resolution Process of Binani Cements including representations before National Company Law Tribunal, Kolkata; the National Company Law Appellate Tribunal, New Delhi and the Hon’ble Supreme Court of India.
- Assisted the Committee of Creditors (i.e., the lenders) in all the litigation arising out of the Corporate Insolvency Resolution Process of Ruchi Soya including representations before National Company Law Tribunal, Mumbai; the National Company Law Appellate Tribunal, New Delhi and the Hon’ble Supreme Court of India.
- Assisted the Successful Resolution Applicant in all the litigation arising out of the Corporate Insolvency Resolution Process of Star Agro Marine Exports Pvt. Ltd. including representations before National Company Law Tribunal, Chennai; the National Company Law Appellate Tribunal, New Delhi and the Hon’ble Supreme Court of India.
Mumbai
Piyush Mishra
Mumbai
Overview
Piyush is a Partner in Infrastructure, Finance, Insolvency, and Restructuring Practice of Luthra and Luthra Law Offices India. Before joining Luthra and Luthra Law Offices India, he has worked with AZB Partners, Cyril Amarchand & Mangaldas, Allen & Overy LLP (London) and Amarchand & Mangaldas.
He is a dual-qualified lawyer, Advocate (India) and Solicitor (Non-Practicing), England & Wales, and is recognised as a ‘Notable Practitioner’ by asialaw, ‘Leading Lawyer’ by international publications including IFLR 1000 and Chambers & Partners.
He has extensive experience in distressed assets space including restructuring and insolvency, enforcement of security and acquisition of such assets. He has acted for Lenders (CoC and individual), Resolution Professionals, Bidders and Distressed Debt Funds in pre-IBC resolutions, CIRP process and liquidations.
Piyush is associated with reputed industry groups such as the Core Group on Insolvency, Federation of Indian Chamber of Commerce. He has authored and presented papers at various forums. These include various national and international seminars by INSOL (HK), IBBI (Delhi, Mumbai, Chennai), CFA Institute, SBI, ICSI (Eastern Region) and ICAI on insolvency laws. His publications include The Restructuring Review, 2019 and 2020, PLC’s Structured Finance & Securitisation Multijurisdictional Guide (2012) and various articles in Project Finance International.
Experience Statement
- Acted for various Resolution Professionals in the Corporate Insolvency Resolution Process (CIRP) for Punj Lloyd Limited, Jhabua Power Limited, Educomp Infrastructure Solutions and Marketing Limited.
- Advised a consortium of lenders, on sale of more than 51% shares in Jindal India Thermal Power Limited and Monnet Ispat and Energy Limited through an e-auction process under S4A and SDR schemes.
- Acted for State Bank of India and HDFC Bank Limited on a syndicated secured term loan of INR 10.8 billion approximately for Dalmia Cement (Bharat) Limited.
- Acted for a consortium of 27 lenders lead by PFC and SBI on INR 130 billion senior and sub debt secured syndicated facility for KSK Mahanadi.
- Acted for Cairn India Limited on the first reserve based funding in India in relation to approximately INR 40 billion syndicated secured facility from reputed lender through participating interest based funding and refinancing of the facility through listed rupee bond issuance.
Mumbai
Purvi Dabbiru
Mumbai
Overview
Purvi Dabbiru is a Partner with the Banking & Finance and Project Finance Practice Group at Luthra and Luthra Law Offices India. Having over 11 years of experience in this space, Purvi specializes in rendering advisory and legal assistance in the fields of banking and finance, project finance and debt restructuring space.
Her expertise ranges across sectors including ports, roads, power, renewables, real estate and manufacturing, and with expertise in wide range of financial products, including fund based and non-fund based facilities, private placements of debentures and external commercial borrowings. Having advised various stakeholders including lenders, borrowers, sponsors and guarantors, Purvi has an all-round approach in structuring transactions and negotiating documentation.
Experience Statement
- Advised Bharat Mumbai Container Terminals Private Limited (wholly owned subsidiary of PSA International PTE Limited) and PSA International PTE Limited, in relation to an external commercial borrowing (ECB) facility aggregating to approximately SGD 630 Million and certain hedging facility, provided by DBS Bank Limited.
- Assisted Nordic Investment Bank in relation to the facility of SEK 607,000,000 and EUR 8,600,000 provided to Power Grid Corporation of India Limited by Nordic Investment Bank for the purpose of part financing of a project of the company in India consisting of construction of a HVDC multi-terminal system package.
- Advised Infrastructure Finance Company Limited (United Kingdom) in connection with financial assistance in the form of an ECB facility aggregating to approximately USD 31 Million, to a company (confidential) developing, implementing and setting up a 100 MW (AC) solar power project including the transmission line.
- Advised Rajasthan Sun Technique Energy Private Limited, a company promoted by Reliance Power Limited, in connection with the financing, involving inter alia foreign currency facility and rupee term loans, for the development and operation of a 100 MW concentrating solar generation power plant at Rajasthan, with a project cost envisaged at approximately USD 410 Million.
- Acted for a consortium of lenders viz. Axis Bank Limited, Aseem Infrastructure Finance Limited and NIIF Infrastructure Finance Limited in relation to the financial assistances aggregating up to INR 17.799 Billion made available to four separate SPVs (forming part of the Actis Group) for the purpose of, inter alia, refinancing their existing debt with respect to their respective solar power projects in the states of Madhya Pradesh and Andhra Pradesh.
New Delhi
Ritu Bhalla
New Delhi
Overview
Ritu Bhalla is a Partner in the dispute resolution practice of the Firm. In her career spanning over 3 decades, she has gained extensive experience in corporate commercial disputes, arbitration matters and specialises in litigation and dispute resolution in areas such as banking & finance, insolvency, regulatory, infrastructure, administrative, white-collar, etc.
She has represented both Indian and multinational clients in various fora including Supreme Court, High Courts, NCLAT, NCLT, DRAT, DRT, quasi-judicial tribunals, domestic and international commercial arbitrations, and has also led teams in undertaking investigations and legal forensic assignments.
She has handled high stake matters and has represented clients in several commercial arbitration matters, successfully obtaining favourable awards for her clients. Ritu has also advised clients on critical litigation strategies.
Hyderabad
New Delhi
Sanjeev Kumar
Hyderabad
New Delhi
Overview
Sanjeev Kumar is a Partner in Luthra and Luthra Law Offices India (Litigation), a premier full service law firm having been enrolled as an advocate with the Bar Council of Delhi in the year 1996.
Sanjeev looks after the dispute resolution practice and possesses vast experience in corporate and commercial disputes, insolvency & bankruptcy matters, litigation and ADR. Sanjeev specializes in civil law, arbitration, ADR, environmental law, labour law, criminal law, more particularly white-collar crimes, international crime syndicates, extradition and frauds. Sanjeev is also proficient in cross border enforcement of decrees and awards.
Sanjeev has worked in many fields of law and his experience of over twenty-five years extends to virtually all aspects of litigation, dispute resolution and arbitration. Sanjeev has extensive experience in both domestic and international jurisdictions. Sanjeev has extensively advised on debt recovery, banking and financial issues, commercial and corporate disputes and real estate in various Courts all over India as well as before Arbitral Tribunals.
Sanjeev regularly appears before the Hon’ble Supreme Court of India and various High Courts. Sanjeev has also been appearing as lead counsel before various Judicial and quasi – judicial forums including, the National Company Law Tribunal (NCLT), the National Company Law Appellate Tribunal (NCLAT), Debt Recovery Tribunal (DRT), Debt Recovery Appellate Tribunal (DRAT), National Green Tribunal (NGT), State Electricity Regulatory Commission, CERC and PMLA Tribunal.
Experiment Statements
- Acting regularly for Yahoo Inc., in various proceedings, civil and criminal, across courts in India dealing with Information Technology Act.
- Acted for Resolution Professional in the CIRP of Educomp Infrastructure Solutions and Marketing Limited, a company in Education infrastructure space
- Acted for Committee of Creditors of Reliance Naval & Engineering Ltd., before NCLT, NCLAT and Supreme Court.
- Acted for Mauritius Commercial Bank in one of the first matters at NCLT, Mumbai for CIRP based on a Corporate Guarantee. Also acting for the Bank against a Joint Lenders Forum seeking damages in a civil suit as well as criminal proceedings before the EOW, Mumbai.
- Acted for Wärtsilä (Denmark) in criminal proceedings against the CBI in Chennai on the complicated issue of successorship of criminal liability post mergers/acquisitions of companies.
New Delhi
Shivani Sinha
New Delhi
Overview
Shivani graduated from Symbiosis Law School, Pune in 2008, and has over 16 years of experience in representing banks/financial institutions (domestic and foreign) in respect of restructuring, insolvency and finance matters.
She has extensive experience in distressed assets space including restructuring and insolvency, and acquisition of such assets. She has acted for Lenders (CoC and individual), Resolution Professionals, and Bidders in pre-IBC resolutions, CIRP process and liquidation process.
Experience Statement
- Acting for the Committee of Creditors in the Corporate Insolvency Resolution Process (CIRP) of Reliance Capital Limited.
- Acting for the Resolution Professional in the Corporate Insolvency Resolution Process of Indo Global Soft Solutions.
- Acted for the Committee of Creditors in the corporate insolvency resolution process and in the implementation of the resolution plan of Uttam Galva Metallics Limited.
- Acted for banks/financial institutions (domestic and foreign) in respect of restructuring of several loan accounts under CDR and JLF, S4A, SDR and flexible structuring namely: Panduranga Energy Systems Pvt. Ltd., Gati Infrastructure Private Limited, Soma Enterprise Limited, MB Power Madhya Pradesh Limited etc.
- Advised IIFL Home Finance Limited and IIFL Finance Limited in revising its loan documents (both for its existing loans and new loans) and necessary customer communications to ensure compliance with the NPA guidelines of Reserve Bank of India.
New Delhi
Sidhartha Das
New Delhi
Overview
Mr. Sidhartha Das is a Partner with Luthra and Luthra Law Offices India. He has an experience of over 16 years in dispute resolution and litigation practice. He has regularly advised various clients on complex legal issues concerning Insolvency laws, White Collar Crimes/ Financial Fraud, Corporate and Commercial laws, Constitutional/ Writ Petition, Debt Recovery, Construction and Real Estate, Consumer Protection, Arbitration etc.
Sidhartha regularly appears before the Supreme Court of India, Delhi High Court and other Courts, besides National Company Law Tribunals and other Tribunals/ Forums/ Authorities/ Commissions in Civil and Criminal litigations, at original and appellate levels. He has been representing many Clients of the Firm in Arbitration proceedings. He is also a part of matters involving advisory as well as legal strategy on domestic and international disputes.
Sidhartha is a part of the Firm’s Insolvency and Bankruptcy practice. He has recently been involved in the pre-packaged insolvency matter of a leading real estate company under Section 54C of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, New Delhi. The National Company Law Tribunal, New Delhi admitted the Application and the same is the first admission order passed by the Tribunal, after introduction of the provisions for pre-packaged insolvency resolution.
Sidhartha has been involved in several matters concerning public causes. In one such matter, the High Court of Delhi directed the Government to make mandatory Rules to provide protective headgear with purchase of two wheelers. (CWP 7769/2009). He was also involved in the matter for implementation of Master Plan Delhi 2021 to decongest the traffic of Delhi. (CWP 11159/2015).
Mumbai
Sudipta Routh
Mumbai
Overview
Sudipta’s career spans over 25 years, in diverse settings. He started as an in-house, transitioned to private practice, acquired foreign qualifications, moved to international English Law practice, founded his own firm, and then merged his practice with a top-tier firm.
Sudipta’s practice is presently focused on Cross-border M&A, Banking & Finance, Corporate Advisory, Fund Formation, and Insolvency & Restructuring.
Over the last 25 years, Sudipta has cherished a lead role in high value “pink paper” transactions and business development. In recent years, it has been more the deals that he has managed to stop, restructure/ re-strategize that have added greater value to clientele. His practice has evolved from transactional, to strategic counselling, consensus building and operating as a close confidante - to business leaders, boards, promoters, and entrepreneurs.
He is quoted often and published regularly and speaks frequently in national and international forums and on television talk shows.
New Delhi
Varun Vaish
New Delhi
Overview
Varun comes with over a decade of experience in M&A, private equity and general corporate advisory. Varun’s involvement in various transactions help both the investors as well as the target company navigate a very uncertain regulatory environment and close large investment rounds. He has played instrumental role in bringing clarity on certain grey areas of the regulatory framework, for instance, surrounding restructuring of such ECB Loans. His insights and legal advisory on transactions in relation to private acquisitions of assets during ongoing insolvency of the asset owner’s group companies has been incredible. Varun’s approach towards solving client’s problem is one of his strongest forte. He brings solution-oriented mind set to the table, helping client navigate the transactions in the most reasonable and timely manner and simultaneously creating space for his team to learn, adapt and grow into an even better professional
Experience Statement
- Advised Apollo Hospitals in its INR 450 Crore hospital asset acquisition in Gurugram, Haryana.
- Advised a leading real estate company on the resolution and eventual acquisition of a landowning company owning 110 Acres of land valued at over USD 140.5 Million under the pre-packaged insolvency regime.
- Advised M3M India Private Limited (M3M) on INR 900 Crore debt infusion by Oaktree Capital through subscription to NCDs.
- Advised IFFCO and reviewed financing documentations and corresponding amendments thereto, arising out of the restructuring of the credit facilities amounting to USD 850 Million availed of by IFFCO’s foreign subsidiary i.e. Jordan India Fertilizer Company.
- Advised by Kunshan Q Tech Microelectronics (India) Private (QTech) Limited on USD 20 Million External Commercial Borrowings (ECB).
New Delhi
Venancio D’Costa
New Delhi
Overview
Venancio D’Costa is a Litigation Partner in Luthra and Luthra Law Offices India. He specializes in civil and criminal litigation, insolvency matter under IBC, recovery of debts and related matters, arbitration, property disputes, labour and employment related disputes, matrimonial disputes, media related litigation etc. He has a strong expertise in evidence and cross examination.
Mr. D’Costa has extensively advised both domestic and international clients on various nuances of law. He regularly appears as lead counsel before various Courts and Tribunals in India.
Experiment Statement
- Representing banks and financial institutions such as SBI, Hero FinCorp Ltd., PNB Housing Finance to name a few in initiating insolvency against its various Debtors and their Personal Guarantors.
- Represented Hero in another SLP filed by one of its Corporate Debtor against the action taken by Hero First under Arbitration Act and thereafter against the IBC. The Hon’ble Supreme Court vide its judgment dated 03.10.2017, held that a reading of Section 14 along with Section 238 of IBC clearly stipulates that there is no bar in invoking the provisions of Arbitration Act, and dismissed the SLP preferred by the Corporate Debtor.
- Advising and representing IDBI Bank, a leading national bank, which is a financial creditor of Deccan Chronicle Holdings Limited, in proceedings presently before the Hon’ble NCLAT. IDBI Bank has challenged provisions of the Resolution Plan of SREI Multiple Asset Infrastructure Trust - Vision India Funds which was approved by the committee of creditors for the Corporate Debtor.
- Advised ArcelorMittal, in its court mandated repayment of the entire outstanding debt of Uttam Galva Steels Limited, one of the largest manufacturers of cold rolled steel and galvanized steel in India.
- Advised JSW Infrastructure as a prospective bidder for Dighi Ports Limited, a greenfield port being developed as a multipurpose, multi cargo, all weather port with deep draught, direct berthing facilities and cargo handling equipment, within outstanding debt in excess of USD 440 million. The Firm advised in review of the various facilities established by the company and legal ownership and title risk related issues attached to the Company.
New Delhi
Vivek Kumar Agarwal
New Delhi
Overview
Vivek K. Agarwal is a Partner with Luthra and Luthra Law Offices India with over 15 years of diversified experience and has dealt with clients across continents and specializes in dealing with wide array of legal and associated business issues and offers solutions to business and legal needs of clients. He has the experience of advising on wide range of corporate legal matters including advising on India entry/ set-up and exit/ insolvency, corporate governance issues, restructuring, joint ventures, mergers, acquisitions.
Vivek has extensively dealt with various ministries and departments of the Government of India including the Department of Economic Affairs, Department of Revenue, Ministry of Corporate Affairs and Reserve Bank of India and has also been a contributor to the Government in its efforts to bring about changes in policies and business landscape in India from an ‘Ease of Doing Business’ perspective. He is also a regular contributor to the World Bank in conducting its ‘Ease of Doing Business’ study in India.
Vivek has advised various multinational as well domestic clients in areas of corporate and commercial laws and has helped a number of clients’ set-up their India presence and strategize their business closure and India exit and also on obtaining relevant government approvals. His experience brings in a mix of effective implementation strategy and legal expertise and he strives to deliver the best solution to clients with his practical approach and efforts to balance risk with desired client objective.
Experience Statement
- Acted at the behest of one of the largest steel manufacturers in the world in its acquisition of the distressed steel business of the Essar group in India under the Insolvency and Bankruptcy Code, 2016.
- Assisted the monitoring agency in negotiations and implementation of the resolution plan of an Indian listed steel major in acquisition of another listed entity in the steel business under the Insolvency and Bankruptcy Code, 2016.
- Assisted in completing the acquisition of the shares of the Indian subsidiaries of a leading identity management solutions provider in the United States following which the acquirer became the world leader in biometric identity solutions.
- Assisted a Chinese business house in completion of their asset and business acquisition of Brakes business units from a premier supplier of automotive chassis products to OEMs in the U.S., Europe and Asia.
- Assisted in setting-up of the successful venture which holds the exclusive right to organize and stage the hugely successful ‘Pro-Kabaddi League’.