Bankruptcy & Insolvency

AZB & Partners’ compelling reputation as a leading firm in this space is a result of its success with managing multiple complex refinancings, restructurings and insolvencies. The Firm’s leadership in the area is reflected by the appointment of founding partner, Bahram N. Vakil as member of the Bankruptcy Law Reforms Committee (‘BLRC’) constituted by the Ministry of Finance, Government of India.

The BLRC was entrusted with the task of drafting the policy and legislative framework for the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Lawyers at AZB & Partners were also part of the drafting committees constituted for drafting several of the key IBC rules and regulations, which form the backbone of the operation of the IBC.

Our work includes:

  • Representing a regulatory authority in defending writ petitions filed by large distressed companies in relation to IBC proceedings initiated against the companies
  • Advising major Indian companies and foreign investors in their capacity as a potential new investor in distressed companies undergoing insolvency proceedings under the IBC process
  • Advising leading international and domestic banks on initiating IBC proceedings; we advise on factors to be considered prior to initiating insolvency proceedings and also represent banks in the appeal process. We have also represented a consortium of large banks (CoC) in relation to an ongoing IBC proceeding
  • Advising insolvency professionals in the ongoing insolvency proceedings against large distressed companies
  • Advising hedge funds in structuring investments into the Indian stressed asset space (for acquisition of foreign as well as domestic debt of Indian companies)

Bahram Vakil has also been appointed to the Insolvency Law Amendment Committee (constituted by the Ministry of Corporate Affairs) to review implementation of the IBC and consider amendments to it.

The IBC and restructuring team at AZB & Partners comprises 40 lawyers across our Mumbai, Delhi and Bangalore offices. We have advised a number of domestic and international banks, funds, acquirers, distressed companies and industry professionals on the implications of the IBC and continue to advise on some of the largest and most complicated restructuring and insolvency matters under the IBC.


Bahram Vakil

Founding Partner