Best Restructuring & Insolvency Lawyers in Mumbai

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Davies & Associates, LLC
Mumbai, India

Founded in 2020
100 people in their team
Bengali
Hindi
English
Kannada
Urdu
Gujarati
Davies & Associates ("D&A") has grown to become the largest global law firm specializing in US, UK and Italian business and investment immigration together with Citizenship and Residency by Investment (together, “CBI”).  Our lawyers are regarded as the leaders in the US E2...
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Solomon & Co.
Mumbai, India

Founded in 1909
75 people in their team
English
French
Hindi
Marathi (Marāṭhī)
The firm represents a wide spectrum of clientele, including domestic and international corporations, government bodies, financial institutions, funds, high-net-worth individuals, and not-for-profit organizations. With a team of experienced professionals deeply versed in Indian and international...
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SRV LEGAL LLP
Mumbai, India

Founded in 2016
English
SRV Legal LLP, headquartered in Mumbai, India, is a full-service law firm offering comprehensive legal solutions across various sectors. The firm's multilingual team is proficient in English, Hindi, Marathi, and Gujarati, enabling them to effectively serve a diverse clientele. Their practice areas...

Founded in 1991
500 people in their team
Hindi
English
Who we areJSA is a leading national law firm in India with over 380+ professionals operating out of 7 offices located in: Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi.Our practice is organised along service lines and sector specialisation that provides legal services to...

Founded in 1971
500 people in their team
Hindi
English
ABOUT THE FOUNDER LATE MR. O.P. VAISHSet up in 1971, the growth of Vaish Associates Advocates (“Firm”) is a glowing tribute to its founder, Late Mr. O.P. Vaish. His visionary leadership, mentoring and hard work has helped the Firm to emerge as one of the better known law firms in the country....
Mumbai, India

Founded in 2006
English
Legasis Partners is a dynamic law firm with offices in Mumbai, New Delhi, Pune, and Hyderabad, supported by a robust network of lawyers across India. The firm offers a comprehensive range of legal services, including corporate and commercial law, mergers and acquisitions, intellectual property,...
Ramesh
Mumbai, India

English
Ramesh Tripathi & Associates is a distinguished law firm in India, offering comprehensive legal services across various domains. The firm's expertise encompasses criminal and civil litigation, corporate law, intellectual property, arbitration, and property disputes. With a team of seasoned...

Founded in 2015
50 people in their team
Hindi
English
At Veritas, we believe that we provide a unique offering amidst the ever-changing legal landscape in India.We bring a boutique experience with in-depth knowledge of the law and a commitment to matters with senior staffing and hands-on responsibility.Our workplace symbolizes a culture distinct from...

Founded in 2008
50 people in their team
Hindi
English
About UsChirag Shah & Co. Advocates & Solicitors.Registered Advocate on Record at Supreme Court of India.Founded and established in 2008 by a young and dynamic Advocate & Solicitor Mr. Chirag Shah with belief to provide quick and valuable solutions in various Legal segments with strong...
Stratage Law Partners
Mumbai, India

Founded in 2020
English
Stratage Law Partners, established in August 2020, is a specialized, solution-oriented, and value-driven law firm based in Mumbai, India. The firm offers comprehensive legal services across various practice areas, including private equity and venture capital, mergers and acquisitions, general...
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About Restructuring & Insolvency Law in Mumbai, India

Restructuring and insolvency law governs how financially distressed companies or individuals resolve their debts, revive their businesses, or, if necessary, liquidate assets to pay creditors. In Mumbai, which is the commercial capital of India, restructuring and insolvency issues are common due to the city’s dynamic business environment. The process is mainly guided by national legislation but carries nuances based on local business practices and the presence of specialized courts and professionals. The primary aim is to provide fair solutions for creditors and debtors, encourage timely resolution, and maintain business continuity when possible.

Why You May Need a Lawyer

Individuals and businesses often face complex challenges that require restructuring or insolvency solutions. Common situations where legal support becomes essential include:

  • Companies struggling with heavy debt and unable to meet their repayment schedules
  • Creditors seeking to recover unpaid dues from defaulting borrowers
  • Business owners wishing to restructure their business to avoid bankruptcy
  • Stakeholders contesting the priorities or distribution of assets during liquidation
  • Individuals facing personal bankruptcy due to mounting liabilities
  • Merger, acquisition, or sale negotiations involving distressed assets or companies
  • Compliance with timelines and procedural requirements under the law

A lawyer ensures that your rights are protected throughout these proceedings, advises on the best available options, prepares necessary documentation, and represents your interests before authorities and courts.

Local Laws Overview

Restructuring and insolvency in Mumbai are regulated primarily by the Insolvency and Bankruptcy Code, 2016 (IBC). The National Company Law Tribunal (NCLT) Mumbai is the dedicated forum for such corporate cases. Key aspects of local law include:

  • Time-bound resolution processes for companies and individuals facing insolvency
  • Moratorium on legal proceedings once insolvency proceedings are initiated, protecting the debtor from certain actions by creditors
  • Appointment of insolvency professionals who manage the restructuring or liquidation process
  • Committee of Creditors (CoC) formation to decide the fate of the distressed company
  • Strict adherence to procedural requirements, ensuring fair and transparent resolutions
  • Provisions for out-of-court restructuring and one-time settlements
  • Specific regulations for Micro, Small and Medium Enterprises (MSMEs) and individuals

Mumbai’s legal ecosystem features experienced insolvency professionals, lawyers, and financial consultants, making it pivotal for complex restructuring and insolvency actions.

Frequently Asked Questions

What is the Insolvency and Bankruptcy Code (IBC), 2016?

The IBC is a comprehensive law that governs the process of insolvency and bankruptcy for companies, partnerships, and individuals in India. It provides a specialized framework for resolving insolvency efficiently and fairly.

What is the role of the National Company Law Tribunal (NCLT) Mumbai?

NCLT Mumbai serves as the adjudicating authority for insolvency cases involving companies and limited liability partnerships registered in Mumbai and the surrounding region. It supervises bankruptcy petitions, restructuring applications, and liquidation proceedings.

Can a company voluntarily initiate insolvency proceedings?

Yes, a company that is unable to pay its debts can voluntarily file for insolvency under the IBC by submitting an application to the NCLT. The process is known as corporate insolvency resolution process (CIRP).

What is a moratorium period, and how does it help the debtor?

A moratorium period is a temporary halt on legal actions against the debtor, such as lawsuits, debt recovery, and asset seizures, once insolvency proceedings start. It provides breathing space for the debtor while resolution is pursued.

Who are insolvency professionals, and what is their role?

Insolvency professionals are certified individuals authorized to manage insolvency and restructuring processes. They take charge of the debtor’s assets, conduct creditor meetings, and oversee either the restructuring or liquidation process.

Can individual debtors file for insolvency in Mumbai?

Yes, individual insolvency and bankruptcy proceedings are also covered under the IBC, though the process and thresholds differ from corporate insolvency cases.

Are all creditors treated equally during insolvency proceedings?

Creditors are classified according to the nature of their claims, such as secured and unsecured creditors. The IBC specifies the order in which creditors are paid during liquidation, with secured creditors typically having priority.

Can the insolvency resolution process be challenged in court?

Yes, any party affected by the insolvency process or its outcome can appeal decisions of the NCLT to the National Company Law Appellate Tribunal (NCLAT) and, in certain cases, to the Supreme Court.

What is the usual timeline for insolvency resolution in Mumbai?

The IBC prescribes a resolution period of 180 days, extendable by up to 90 days in complex cases, for corporate insolvency. However, actual timelines may vary based on case complexity and workload at NCLT Mumbai.

How can a lawyer assist me during insolvency and restructuring?

A lawyer can assess your situation, advise on the best options, file applications, safeguard your rights, and represent you at the NCLT, meetings of creditors, and negotiations with other stakeholders.

Additional Resources

If you are seeking more information or support, the following resources can be helpful:

  • National Company Law Tribunal - Mumbai Bench: The local authority for insolvency and restructuring cases
  • Insolvency and Bankruptcy Board of India (IBBI): The regulatory body overseeing insolvency professionals and processes
  • Institute of Chartered Accountants of India (ICAI): Provides listings of insolvency professionals and guidelines
  • Local Bar Associations: Can help connect you with qualified restructuring and insolvency lawyers in Mumbai
  • Government of Maharashtra Industry Departments: Offer guidance for MSMEs facing financial stress

Next Steps

If you believe that you or your business may require restructuring or may be facing insolvency, consider the following practical steps:

  • Assess your current financial situation and collect all relevant documents such as financial statements, loan agreements, and creditor data
  • Identify your goals, for example, whether you seek revival, settlement of debts, or liquidation
  • Contact a qualified restructuring and insolvency lawyer in Mumbai for an initial consultation
  • Discuss your circumstances openly and seek clarity on the best route and its legal implications
  • Follow your lawyer’s advice on compliance with procedures and timelines, as adherence is crucial under Indian insolvency laws

Early legal advice can make a significant difference in managing risks, protecting your assets, and ensuring the best possible outcome from restructuring or insolvency proceedings in Mumbai.

Lawzana helps you find the best lawyers and law firms in Mumbai through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Mumbai, India - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.