Vaijayant Paliwal
Vaijayant Paliwal is a Partner at Shardul Amarchand Mangaldas & Co., specialising in Insolvency & Restructuring and Dispute Resolution.
He has been at the forefront of India’s insolvency practice since the introduction of the Insolvency and Bankruptcy Code, 2016, and has advised on some of the largest and most complex resolution processes in the country, including several matters identified by the Reserve Bank of India.
Vaijayant advises clients across the full spectrum of insolvency and restructuring matters — from initiating and defending insolvency proceedings to negotiating resolution plans and managing complex multi-forum litigation. His practice also encompasses commercial arbitration and high-stakes disputes, where he is known for strategic thinking, effective advocacy, and delivering results under tight timelines.
His clients include Resolution Professionals, Committees of Creditors, lenders, resolution applicants, and investors. He regularly appears before the NCLT, NCLAT, High Courts, and the Supreme Court of India, and has handled matters involving group insolvencies, spectrum rights, distressed asset acquisitions, and cross-border enforcement.
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Resolution Professionals and Liquidator
- Represented the Resolution Professional (RP) and Monitoring Professional for Bhushan Power and Steel Limited during various litigation stages, ultimately leading to its acquisition by JSW Steel Limited for approximately ₹19,700 crores.
- Represented the RPs of Aircel Limited, Reliance Communication Limited, and Reliance Telecom Limited in their insolvency resolution process, including addressing whether the right to use spectrum forms part of a company’s assets subject to insolvency proceedings.
- Represented the Resolution Professional of Jaiprakash Associates Limited in the corporate insolvency resolution process, including multiple rounds of litigation before the NCLT Allahabad, NCLAT and the Hon’ble Supreme Court, culminating in the approval of the resolution plan submitted by Adani Enterprises Limited valued at approximately ₹14,535 crores.
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- Represented the RP of Videocon Industries Limited and 13 group entities in a unique case involving group insolvency for multiple corporate debtors.
- Assisted the RP and subsequently the Liquidator of Lanco Infratech Limited throughout the insolvency resolution and liquidation process.
- Represented the RP of Lavasa Corporation Limited in various litigations.
- Acted on behalf of the RP of Electrosteel Steels Limited in multiple litigations before the NCLAT and the Hon’ble Supreme Court, addressing payout issues for operational creditors, in a resolution valued at approximately ₹5,320 crores.
- Supported the RP during the corporate insolvency resolution process of Metenere Limited.
- Worked with the RP of Alok Industries Limited across forums to determine the treatment of take-or-pay obligations in a resolution plan valued at approximately ₹5,050 crores.
- Advised the Resolution Professional of KSK Mahanadi Power Company Limited in handling multiple litigations before the Hon’ble Supreme Court and the NCLAT, in a resolution valued at USD 5.62 billion.
- Advising and representing the Administrator of AVIOM India Housing Finance Private Limited in the ongoing corporate insolvency resolution process initiated by the Reserve Bank of India under the Financial Service Providers Insolvency Rules.
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Committee of Creditors & Lenders
- Represented the Committee of Creditors (CoC) of Bhushan Steel Limited and advised during the process leading up to the company’s acquisition by Tata Steel Limited for approximately ₹35,200 crores.
- Represented the CoC of Essar Steel Limited in multiple rounds of litigation before various forums culminating in its acquisition by ArcelorMittal/Nippon Steel for approximately ₹50,000 crores.
- Represented SBI for the initiation of the insolvency resolution process of SEL Limited.
- Represented lenders in the insolvency resolution processes of Uttam Galva Metalics Limited and Uttam Value Steels Limited.
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- Represented foreign lenders in enforcing personal guarantees provided by promoters of Bhushan Steel Limited following the approval of the resolution plan.
- Acted for the Committee of Creditors of Jhabua Power Limited, culminating in the first distressed asset acquisition by NTPC Limited with a resolution plan of approximately ₹2,426 crores.
- Advocated for minority members of the CoC of Lanco Amarkantak Power Limited against a majority decision that overlooked the secured creditor’s security value.
- Represented ICICI Bank during Jaypee Infratech Limited’s resolution process.
- Acted on behalf of the financial creditor of Jaypee Healthcare Limited, seeking to initiate insolvency proceedings.
- Supported the CoC and the resolution professional of ARGL Limited in managing the entire insolvency resolution process and handling multiple litigations across forums.
- Represented Piramal Enterprises Limited in a case before the Hon’ble Supreme Court of India regarding the validity of simultaneous insolvency proceedings against co-obligors.
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Resolution Applicants and Investors
- Acted for Torrent Investment Limited in the corporate insolvency resolution of Reliance Capital Limited, involving the interpretation of Regulation 39 of the CIRP Regulations.
- Aided JK Paper Ltd. throughout the entire corporate insolvency resolution process of Sirpur Paper Mills Ltd., resulting in their emergence as the successful resolution applicant.
- Represented Jindal Stainless Steel as the winning bidder during the liquidation process of Rathi Steel Limited.
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- Effectively defended Flipkart India Pvt. Ltd. against a Section 9 application filed against the company.
- Advised aircraft lessors (including Pembroke Aircraft Leasing 11 Limited, Jackson Square Aviation Ireland Limited, and Bluesky Leasing Companies) on insolvency and aviation law aspects in the Go First (Go Airlines India Ltd.) insolvency proceedings, representing 14 aircraft valued at approximately USD 560 to 700 million, and appearing before the Supreme Court, Delhi High Court, and NCLT.
- Advised POSCO Group on insolvency and diligence aspects of their proposed 50:50 joint venture with JSW Steel Limited for the establishment of a greenfield 6 million ton per annum integrated steel manufacturing plant in Odisha, India.
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Professional Memberships
- Bar Council of Delhi
- Insol International
- Insol India
- DHCBA
Education
- B.A. LL.B. (Hons.), Guru Gobind Singh Indraprastha University, New Delhi