Madhav Kanoria

Madhav Kanoria is a Partner with Cyril Amarchand Mangaldas’ Mumbai Office in the Insolvency and Bankruptcy Practice, with about 15 years’ experience. He has been involved in several landmark matters under the Insolvency and Bankruptcy Code since the Code came into effect. Madhav’s clients span the range of stakeholders in any insolvency, including creditors (including banks and financial institutions), resolution professionals and acquirers.

On the creditors’ side, Madhav is currently advising the committee of creditors (comprising of some of the largest lending institutions in India such as State Bank of India, Bank of Baroda, ICICI Bank) of the Videocon group companies, which is the first ever case of substantive consolidation and group insolvency in India. He has also represented the creditors of Aircel in the dispute pertaining to the status of spectrum (and its transfer) during insolvency of telecom companies against the Indian Government. He has successfully represented creditors of several companies including GB Global (formerly Mandhana Industries) and Sharon Bio-Medicine Limited in legal proceedings to restart the insolvency resolution process following a default by the initial acquirer. He is also advising the creditors in relation to the insolvency resolution process in relation to Jaiprakash Associates Limited, one of the large accounts in respect of which Reserve Bank of India have directed initiation of insolvency proceedings.

Madhav also regularly provides strategic inputs to private equity funds, financial institutions and banks (public sector, private sector and foreign) and represents them in insolvency-related litigations.

Madhav advises resolution applicants in submission of plans for acquisition of a corporate debtor, and subsequent implementation of a successful resolution plan. His clients include Reliance Projects and Property Management Services Limited, a Reliance subsidiary (on its acquisition of Reliance Infratel Limited) and, Nithia Capital Resources Advisors LLP and CarVal on the implementation of their resolution plan for Uttam Galva Metallics Ltd and Uttam Value Steels Ltd. On the resolution professional side, Madhav is advising the resolution professional of AMW AutoComponent Ltd and AMW Motors Ltd.

Madhav has also represented creditors in respect of personal insolvency process under the Insolvency and Bankruptcy Code. In 2021, Madhav successfully represented the creditors of Videocon group before the Indian Supreme Court in the constitutional challenge to the provisions of personal insolvency under the Code.

Outside of the formal insolvency framework, Madhav regularly advises creditors (including Asset Reconstruction Companies) on implementing resolution plans under Reserve Bank of India’s regulatory framework. Madhav has advised the lenders of JBF Industries Ltd in assignment of their entire debt exposure to CFM Asset Reconstruction Private Limited under the RBI framework. Madhav advised the lenders of ImagicaaWorld Entertainment Ltd, led by Union Bank of India, in their resolution plan which is being carried out under a Swiss challenge method. Madhav has also advised the lenders of Sahara Hospitality Limited in relation to their debt restructuring process.

Madhav is a regular speaker at events organized by Insolvency and Bankruptcy Board of India (IBBI) and government departments. Madhav also regularly interacts with the Indian Banks’ Association in their various initiatives in strengthening the framework for effective functioning of banks. Madhav had authored the Model Intercreditor Agreement in June, 2019 which is executed by creditors for implementing a resolution / restructuring outside the formal insolvency framework.

Relevant Experience:

• Advising a multilateral financial institution in their proposal for financing of certain municipal corporations, statutory corporations and smart cities across India.
• International Finance Corporation in issuance of their Rupee-denominated listed bonds in India, known as Maharaja Bonds.
• Indian Overseas Bank in setting up its medium-term note programme.
• Indian Bank in setting up its medium-term note programme.
• Reliance Projects & Property Management Services Limited (a subsidiary of Reliance Industries Limited) in its resolution plan for acquisition of Reliance Infratel Limited, a company undergoing corporate insolvency resolution process.
• The Committee of Creditors of Aircel Limited, Aircel Cellular Limited and Dishnet Wireless Limited in the ongoing corporate insolvency resolution process.
• The Committee of Creditors of Videocon Industries Limited (+ 12 other group companies including Videocon Telecommunications Limited which have been consolidated with Videocon Industries Limited) in the ongoing corporate insolvency resolution process.
• Nithia Capital Resources Advisors LLP in its resolution plan for acquisition of Crest Steel and Power Private Limited, a company undergoing corporate insolvency resolution process. The resolution plan has been approved by the committee of creditors of Crest Steel and Power Private Limited.
• The Committee of Creditors of VOVL Limited in the ongoing corporate insolvency resolution process.
• The Committee of Creditors of Associate Décor Limited in the ongoing corporate insolvency resolution process.
• The Committee of Creditors in the corporate insolvency resolution process of KSK Mahanadi Power Company Limited
• The Committee of Creditors of Mandhana Industries Limited (now known as GB Global Limited) in enforcing implementation of resolution plan against successful resolution applicant.
• The Lenders of JBF Industries Limited in the formulation of a resolution plan under the Reserve Bank of India’s June 7 Circular.
• The Creditors led by State Bank of India in the corporate insolvency resolution process of Meenkashi Energy Limited.
• KKR India Financial Services Limited in the ongoing corporate insolvency resolution process of Kwality Limited.

Memberships

• Bar Council of Maharashtra and Goa, India

Awards & Recognition:

• Recognised in the India Business Law Journal A-List Lawyers 2025
• Ranked by Chambers & Partners 2025 for ‘Restructuring /Insolvency’ Practice
• Ranked as ‘Up and Coming’ by Chambers & Partners 2024 for ‘Restructuring /Insolvency’ Practice