Private Credit 2026

ASIA-PACIFIC-WIDE Trends and Developments Contributed by: Anand Shah, Suharsh Sinha, Ishan Handa and Saloni Thakkar AZB & Partners

Asia Pacific

GUAM

AZB & Partners was founded in 2004 with a clear purpose to provide reliable, practical and full-service advice to clients, across all sectors. The firm brought together the practices of CZB & Partners in Mumbai and Bangalore and Ajay Bahl & Company in Delhi. Having grown steadily since its inception, AZB & Partners now has offices across Mumbai, Delhi, Ban -

galore, Pune, Chennai and Gift City. It has an accom - plished and driven team of 750+ lawyers committed to delivering best-in-class legal solutions to help eve - ry client achieve their objectives. It provides reliable, practical and full-service advice to clients, across all sectors.

Authors

Anand Shah is a senior partner at AZB & Partners and has a leading reputation for acting for domestic and offshore financial institutions and foreign portfolio investors in domestic and cross border debt transactions,

former consultant to the Bankruptcy Law Reform Committee and the Insolvency and Bankruptcy Board of India, he has advised the Reserve Bank of India. He regularly advises Oaktree Capital Management, Varde Partners, Standard Chartered Bank, Brookfield, Warburg Pincus, SC Lowy, KKR and Deutsche Bank on private credit and structured financing matters.

including ECBs, debenture and bond issuances, mezzanine finance, securitisation and assignments. He also has experience assisting private equity and strategic investors with acquisition finance and acting for funds and financial institutions in distressed debt. Anand is frequently called upon for advice on regulatory and enforcement matters. His clients include Bank of America, Barclays, Citibank, Deutsche Bank, HSBC, Standard Chartered, ICICI Bank, Investec, JM Financial, Kotak Mahindra Bank, HDFC Bank, KKR, Bain Capital, Julius Baer and Tata Capital. He specialises in banking and finance, structured finance and restructuring and insolvency. He advises private credit funds, asset reconstruction companies, international hedge funds, NBFCs and banks on distressed debt trading, debt restructuring, and structured debt issuances, and has advised on acquisitions of loan portfolios, real estate and acquisition financings. He also counsels acquirers, lenders and insolvency professionals in complex bankruptcy cases. A Suharsh Sinha is a senior partner in the Mumbai office of AZB & Partners.

Ishan Handa is a partner in Mumbai office of AZB & Partners and has nearly 15 years’ experience in banking and finance advisory and transactional work. He regularly advises on real estate financing,

structured financing and acquisition financing, and acts for domestic banks and financial institutions, foreign banks, private credit funds, domestic and foreign debt funds, including foreign currency loans and investments in NCDs. He regularly acts as Indian counsel to private equity sponsors on cross border leveraged buyouts, margin finance and acquisition finance.

Saloni Thakkar is a partner in the Mumbai office of AZB & Partners. She has 10 years of experience and is a core member of the structured finance and restructuring and insolvency teams. She has led and

supported several of the firm’s significant transactions, advising foreign banks, global credit

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