Co-founder Bahram Vakil leads the team at AZB & Partners, which represents a broad range of stakeholders and has in-depth experience handling complex refinancings, foreign investments into stressed assets, and acquisitions of distressed companies. Senior figure Nilang Desai regularly advises banks, IBC resolution applicants, and creditor committees. Senior associate Saloni Thakkar has worked on some of the firm’s most prominent cases and remains an increasingly active team member. Avinash Subramanian in the Mumbai office and Anindita Roy Chowdhury in the Delhi office are also recommended.

Cyril Amarchand Mangaldas offers deep experience advising various stakeholders across financial services, construction, power, aviation, and automotive industries, among others. Led by L Viswanathan, the firm regularly handles emerging caselaw under the provisions of the Insolvency and Bankruptcy Code (IBC). Dhananjay Kumar is recommended for leading financial institutions and other creditors looking for advice on recovery of loans, debt restructuring, and security enforcement. Other key members include Madhav V. Kanoria, who specialises in banking related litigation and corporate insolvency, and associate Surbhi Pareek, who frequently represents creditors, asset reconstruction companies, and investors under the IBC.

Shardul Amarchand Mangaldas & Co, headed by the experienced Shardul Shroff, has acted for lenders, borrowers, stressed asset funds as well as foreign and domestic banks, among other financial institutions. The firm provides a full range of services from recovery litigation, asset reconstruction and debt recovery to negotiating of secured and unsecured financing transactions. Partner Anoop Rawat is at the forefront of many of the firm’s most significant cases; he has experience representing various stakeholders, including resolution applicants and foreign investors. Other prominent members of the team include Misha, Vaijayant Paliwal and Saurav Panda.

The ‘exceptional’ Mumbai-based team at JSA Law is co-led by Aashit Shah, who has considerable experience with CIRPs under the IBC, alongside Varghese Thomas, an expert in debt recovery proceedings that regularly represents domestic as well as international banks. The firm’s includes advising restructuring companies that are showing early signs of distress, the acquisition of stressed assets, and implementing resolution plans. Other prominent members of the team include Dina Wadia and Fatema Kanchwalla.

Khaitan & Co LLP is a go-to firm for clients seeking advice on distressed lending, corporate debt restructurings, and the insolvency resolution process. The experienced team includes Kumar Saurabh Singh, an expert in debt transactions and restructuring, and Ashwin Bishnoi, who is recommended for distressed investments. Siddharth Srivastava has handled some of the firm’s largest insolvency matters and regularly advises bidders on the preparation of their resolution plans. Other notable practitioners include Rajeev Vidhani and Nikhil Narayanan as well as principal associates Ashwij Ramaiah and Riya Agicha.

Acting for lenders, bidders, resolution professionals and distressed asset funds, Luthra and Luthra Law Offices India handles litigation arising out of insolvency, including civil suits and fraud. Having joined from Shardul Amarchand Mangaldas & Co in July 2022, partner Shivani Sinha has substantial experience with CIRPs, liquidation, and acquisition of stressed assets. Aakarshan Sahay and associate Anugya Mukati are also active members of the team. Since publication, former practice head Piyush Mishra departed in August 2024.

Dentons Link Legal, with its ‘in-depth knowledge and practical experience’ has represented clients across the breadth of the restructuring and insolvency market, including banks, investors, asset reconstruction companies, resolution professionals, and corporate debtors as well as corporate creditors. The team, which has represented cases in the NCLT, NCLAT, and the Supreme Court, is led by Anand Srivastava, Nidhi Pathania, and Abhishek Sharma. Their collective experience encompasses a wide range of industries from hotel insolvencies to liquidations of shipyards.

The team at Saraf and Partners is headed by founder and managing partner Mohit Saraf, alongside senior figures Bikash Jhawar and Manmeet Singh. With considerable experience in this area, the firm frequently advises insolvency resolution professionals, bidders, and lenders. The team is particularly skilled at handling high-value insolvencies and commercial liquidations. Abhishek Swaroop and Abir Lal Dey are both noted for their contribution to some of the firm’s most significant cases.

The team at Trilegal is spearheaded by Yogesh Singh, who has substantial experience in advising both international and domestic clients on distressed asset transactions. The firm regularly deals with the different aspects of the restructuring and insolvency process, including debt transactions, distressed assets, CIRPs, and due diligence. Aniruddha Sen has experience advising investment banks, international funds, and various investors, while Ramakant Rai often handles matters for resolution professionals as well as creditors and resolution applicants under the IBC.

Chandhiok & Mahajan, Advocates and Solicitors offers comprehensive advice that covers all aspects of restructuring and insolvency while still maintaining a short turnaround time. The team is headed by managing partner Pooja Mahajan who has extensive experience in this area, alongside  Kaushalya Venkataraman and Avinash Amarnath. The firm has represented its clients in proceedings before the NCLT, NCLAT, and the Supreme Court, and has acted for financial institutions and companies across various industries, including aviation, hospitality, pharma, and manufacturing. Managing associate Mahima Singh and senior associate Savar Mahajan are also noted for their contribution to the team.

Dhir & Dhir Associates offers a broad range of services from negotiating with creditors and formulating resolution plans to distressed financing, due diligence, and enforcement of security interest. In particular, the firm has in-depth experience handling matters for asset reconstruction companies. Senior partner Sachin Gupta works closely with co-managing partner Alok Dhir on some of the firm’s most complex insolvency and acquisition cases within the real estate and manufacturing industries. Other key members of the team include co-managing partner Maneesha Dhir and Varsha Banerjee, who have long-standing expertise in corporate restructuring and insolvency proceedings.

With a strong presence in Delhi and Mumbai, DSK Legal represents a diverse range of stakeholders in relation to the IBC. The team consists of a number of experts, including senior partner Sudhir Sharma, who has been involved in the resolution of some of the biggest stressed assets in India, as well as Ajay Shaw and Ashish Pahariya, both of whom are deeply familiar with every aspect of the insolvency resolution process. The firm is proficient at handling high-value insolvencies and liquidations, preparing restructuring proposals and resolution plans, and drafting bid documents. Niraj Kumar is also recommended for his vast amount of experience advising resolution applicants, resolution professionals, and committee of creditors. Nirav Shah has left the firm.

Led by partners Amit Jajoo and Sushmita Gandhi, IndusLaw handles a range of matters, including strategizing processes under the IBC to negotiating and implementing restructuring plans. The firm advises banks, guarantors, resolution applicants, directors, and liquidators, among other stakeholders. The ‘dynamic and enterprising team’ has experience with cross-border insolvency laws, asset freezing overseas, and handling insolvency litigation before the different courts and tribunals. Key members of the team include Shabbeer Ahmed as well as principal associates Aneesh V. and Anamika Singh.

Krishnamurthy and Co has experience advising financial institutions, resolution applicants, and investors, among others, and has great experience with the IBC process. The team, co-led by Rukmini Roychowdhury and Ayush Agarwala, frequently handles cases across different industries from infrastructure and petrochemicals to healthcare and real estate. Aditya Narayan Mahajan is a further standout practitioner with his skills in navigating cross-border disputes, negotiating with resolution applicants, and initiating insolvency proceedings.

Phoenix Legal advises on voluntary liquidation, dissolution of companies, and other matters under the IBC. The team is headed by Saket Shukla, Manjula Chawla, and Abhishek Saxena, alongside Gautam Bhatikar, who is based in Mumbai. The team is especially proficient at handling corporate insolvency matters for resolution professionals. In particular, associate partner Neha Naik has represented several notable banks and foreign-owned enterprises in relation to insolvency proceedings. Lawyers are in Dehli unless otherwise stated.

With experience in matters relating to corporate restructuring and distressed assets, Argus Partners has advised financial creditors, investors, asset reconstruction companies, and corporate debtors. Managing partner Krishnava Dutt leads the team, alongside Aastha, Adity Chaudhury, and Arka Majumdar. Their collective experience includes advising on liquidations, CIRPs, stressed loans, resolution plans, and debt restructuring.

Representing the full spectrum of stakeholders, including resolution professionals, financial creditors, and corporate debtors, Dua Associates regularly represents asset reconstruction companies and banks. The team is headed by Angad Varma and Chitranshul Sinha, both of whom have a plethora of experience handling IBC applications before various courts and tribunals.

With a multi-disciplinary team, Economic Laws Practice utilizes its finance, corporate, and dispute resolution expertise. The firm has been active in analyzing and challenging the provisions under the IBC, having represented several cases concerning interpretational issues of the IBC as well as questioning the scope of the NCLT’s powers under the legislation. Dinesh Pednekar and Shailesh Poria lead the team with experience advising on stressed assets, personal insolvency, and debt recovery, among other insolvency matters. The team has been strengthened with the addition of senior counsel Mukesh Chand, an experienced banking and insolvency expert who arrived in July 2022 from an in-house position.

Having represented large banks and asset reconstruction companies such as ICICI Bank and ARCIL, HSA Advocates has standout expertise within the restructuring and insolvency space. The firm regularly represents clients before various courts and tribunals, including the Debt Recovery Tribunal. The team, which is co-led by Pratik Ghose and Abhirup Dasgupta, has an in-depth understanding of the various interconnected issues of restructuring, and also has experience handling domestic complex structured finance as well as matters with a cross-border element.

Samvad Partners has a comprehensive insolvency and restructuring practice that caters to stressed asset funds, insolvency professionals, liquidation proceedings, corporate debtors and financial and operational creditors, among others. The practice has advised on matters spanning across the different industries, including the energy sector, real estate, financial services, and construction. Located in Mumbai, partner Vineetha MG co-heads the team alongside Bengaluru-based Aparna Ravi. The firm has extensive experience negotiating settlements, handling recovery proceedings, and representing financial institutions in out-of-court restructurings.

The ‘highly proactive, professional and transparent’ team at PSL Advocates and Solicitors is led by managing partners Sandeep Bajaj and Sameer Jain. With considerable expertise in this area, the firm advises on both individual and corporate bankruptcy, including negotiating settlements and restructuring with creditors, liquidations, formulating resolution plans and identifying strategic investors. Aakansha Nehra is recommended for matters related to corporate debt restructuring, debt recovery, and corporate insolvencies, whiSoayib Qureshi and Vipul Jai are recommended for contentious matters.