Aashit Shah

  • Partner
  • aashit@jsalaw.com
  • +91 22 4341 4536
  • Mumbai
Aashit Shah, Partner, JSA

Aashit chairs the Finance Practice at JSA. He specialises in banking & finance, debt restructuring and insolvency, mergers & acquisitions, private equity and investment funds.

He also regularly advises Indian and multinational banks, NBFCs, financial institutions, debt funds and Indian borrowers in relation to (i) credit facilities to Indian borrowers, including in relation to capital expenditure, project financing, real estate financing, acquisition financing and trade finance, (ii) credit facilities to overseas subsidiaries of Indian entities for the purpose of overseas acquisitions and leveraged buy-outs, and (iii) structuring and implementing debt, quasi-debt and equity transactions, which are compliant with Indian exchange control and banking regulations. He has been actively involved in various debt restructuring and security enforcement assignments, and the corporate insolvency resolution process (CIRP) under the new Insolvency and Bankruptcy Code, 2016 (IBC).

He has also advised arrangers, investors and issuers on various privately placed non-convertible debentures which may be listed on Indian stock exchanges.

In the areas of M&A, private equity and foreign investment, Aashit advises private equity funds, corporates and multinational institutions in their investments and divestments in Indian companies under the automatic route and approval route in a variety of sectors. Aashit has also assisted in devising and implementing exit strategies from Indian investments. He also advises in setting up of private equity funds, offshore funds, venture capital funds and alternative investment funds.

Aashit has been practicing law since 2001 and has been at JSA since 2005. Prior to JSA, Aashit worked with a couple of other reputed Indian law firms.

Aashit has been recognised a leading lawyer and distinguished practitioner in the banking and finance practice by international publications such as IFLR, Chambers and Partners and AsiaLaw, and a leading lawyer for private equity and M&A by IFLR 2019.

“Aashit provides very sound and reliable legal advice and understands a client’s commercial concerns. He is a problem solver and great in negotiations.” – AsiaLaw 2019

“Excellent; knows his stuff and commercially minded. A very safe pair of hands on deals.” – IFLR 1000, 2018

“Aashit Shah maintains a sound reputation in the market. He acts on regulatory issues as well as on acquisition financing, real estate and trade finance. Interviewees find him “easy to deal with” and “very intelligent”. – Chambers and Partners, 2018

“I would consider Aashit Shah…. as my go to lawyer for financing …”- IFLR 1000, 2018



  • Bar Council of Maharashtra & Goa
  • The Law Society, UK
  • International Bar Association
  • INSOL International



  • Getting the Deal Through: Acquisition Finance – 2020 – India chapter
  • Lexis Nexis: Cross Border Joint Venture and Strategic Alliance Guide – 2020 – India chapter
  • Chambers Global Practice Guide: Acquisition Finance – 2019 – India chapter
  • Chambers Global Practice Guide: Project Finance – 2019 – India chapter
  • Lexis Nexis: Cross Border Banking and Finance – 2016 – India chapter
  • International Acquisition Finance, Law and Practice (2nd Edition) published by Oxford University Press, 2011 – India Chapter



  • B.L.S. LL.B, University of Mumbai
  • LL.M. in International and Comparative Law, Chicago Kent College of Law, IIT, USA



  • English
  • Hindi
  • Gujarati
  • Marathi

Some of the key assignments in these areas handled by Aashit include the following:

Insolvency and Restructuring

  • Advised VTB Capital as part of the Numetal consortium in the bid for Essar Steel under the IBC
  • Advised a consortium of lenders in a financing to a Tata Steel subsidiary for the acquisition of Bhushan Steel
  • Advised Adani Wilmar in connection with its bid for Ruchi Soya Industries under the IBC
  • Advising the preferred bidder in the out-of-court debt restructuring of Alitco Capital, a real estate focussed NBFC
  • Advised the committee of creditors in the CIRP of Ricoh India
  • Advising the resolution professionals in the CIRP of Ushdev International
  • Advised a foreign bank in connection with a sale of an Indian stressed asset portfolio



Banking and Finance

  • Advised Credit Suisse and Standard Chartered in connection with the take-out financing for the delisting of Vedanta Plc
  • Advised Nomura and Standard Chartered in an acquisition financing to General Atlantic for acquisition of Karvy Computershare
  • Advised Qatar Investment Authority in a debt investment in RMZ Group
  • Advised Deutsche Bank and Standard Chartered in a structured financing to an Indian company sponsored by global real estate fund
  • Advised a consortium of lenders in relation to the financing and refinancing of facilities to Tata Steel group for the acquisition of Corus Group plc
  • Advised Mu Sigma Inc. in connection with a structured financing from various international banks, and its refinancing



  • Advising a consortium of investors in connection with their proposed investment in GMR Airports Limited
  • Advised Standard Chartered Principal Finance in a joint venture with Tata Realty and Infrastructure Limited for financing real estate projects
  • Advised AVIC Electrochemical Systems Limited (a Chinese company), on the Indian leg of the acquisition of KOKI TECHNIK Transmission Systems GmbH (KOKI)). The India leg involved AVIC’s acquisition of an indirect stake in Best KOKI Automotive Private Limited, a joint venture company of KOKI TECHNIK Transmission Systems GmbH and Best Auto Limited.
  • Advised Spring Healthcare India Fund in its investment in and exit from Vyome Biosciences Private Limited
  • Advised PROPARCO, a French developmental organisation, in an investment in and divestment from Prabhat Dairy Private Limited
  • Advised Konecranes Plc, a Finish listed company, in the acquisition of WMI Cranes Limited, a privately held Indian crane manufacturing company
  • Advised Cholamandalam DBS Finance Limited in the sale of DBS Chola Mutual Fund to L&T Finance Limited

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