Photo of Richa Roy

Partner in the IBC and Policy Practice at the Mumbai office of Cyril Amarchand Mangaldas. Richa comes with an experience of over 12 years in Banking and Finance, Debt Restructuring and Bankruptcy, Public Policy, Microfinance and Social Enterprises, Private Equity, Funds.

She has served on and contributed to multiple financial sector reform committees of the Ministry of Finance, Ministry of Corporate Affairs and RBI.  Under the aegis of the Bankruptcy Law Reform Committee she assisted in drafting the corporate insolvency provisions of the Insolvency and Bankruptcy Code, 2016 and the CIRP Regulations. She is a 2005 NLSIU Bangalore graduate and a 2017 Oxford (MPP) graduate. She can be reached at



The Imperative for a distinct framework for the resolution of financial firms

The financial sector is facing a combination of liquidity, governance and business issues, on account of which certain Non Banking Financial Companies (“NBFCs”) are facing solvency concerns.

The severe liquidity crunch for NBFCs was caused  as banks and other financial institutions have curtailed refinancing the loans of NBFCs on account of which several NBFCs and other financial institutions faced debt servicing and solvency issues. These have sought to be resolved through the Stressed Asset Directions issued by the Reserve Bank of India (“RBI”) on June 7, 2019. This was fraught with complexities given the diverse sets creditor, including market borrowings  each of whom were governed by different financial regulators.
Continue Reading The Road to Resolution of Financial Service Providers: A Firm First Step