Avil Menezes & Co: Guiding Companies from Distress to Revival

Before 2016, companies were subjected to long delays in resolving their financial distress. The process was uncertain with the restructuring of debts relying on fragmented tools and RBI schemes.

The promoters were known to retain power even at times when revival appeared to be impractical, whereas the banks did not want less than what was being owed.

Settlement could be disrupted at any moment by operational creditors and recoveries were heavily reliant on the same promoters who found it difficult to rejuvenate the business.

The introduction of the Insolvency and Bankruptcy Code changed this dynamic, establishing a time-bound, creditor-in-control framework and bringing order and predictability to a landscape that had long been defined by uncertainty.

Among the early professionals to step into this new system was CA Avil Menezes. A fellow Chartered Accountant and a law graduate from the University of Mumbai, he began his career in 2003 at Tata Chemicals and later spent seven years at ICICI Bank, gaining firsthand experience in loan disbursement, monitoring, and restructuring.

When he entered the insolvency space in 2017, he established his practice, as Avil Menezes, which serves as the professional foundation for his work.

Alongside this, he leads Aegis Resolution Services Private Limited, a registered Insolvency Professional Entity that handles corporate insolvency resolution, liquidation, and restructuring assignments.

The firm combines chartered accountants, legal professionals, and transactional advisors, ensuring that each matter is examined from both commercial and regulatory perspectives, which allows for solutions that are practical, timely, and grounded in reality.

My preference remains resolution over liquidation. Revival preserves enterprise value and protects employment, yet when liquidation is unavoidable; I shift my focus to time-bound execution and realistic value recovery

Avil Menezes, Founder

Resolving Challenges with Insight

Insolvency is rarely confined to balance sheets. Disputes over valuation, competing creditor interests, operational uncertainty, and litigation risks create a challenging environment for all involved.

As a resolution professional, Avil operates under court supervision while coordinating with Committees of Creditors, which may include multiple bankers.

His approach is straightforward: present the facts, outline possible options, and allow lenders to make informed decisions.

Avil says, “My preference remains resolution over liquidation. Revival preserves enterprise value and protects employment, yet when liquidation is unavoidable; I shift my focus to time-bound execution and realistic value recovery.”

Avil’s banking background sharpens commercial judgment, while his legal training ensures compliance and regulatory discipline. This combination helps maintain focus on actionable outcomes rather than procedural deadlocks, while minimizing legal friction and maximizing value for all stakeholders.

Precision and Trust in Large-Scale Insolvency

Avil has managed large and complex assignments, including cases involving the Videocon Group, the Future Group, Sterling Group, VVF India Limited, Topworth Urja and Metals Limited, Pratibha Industries Limited, Sunil Hitech Engineers Limited, AMW Motors Limited, Parekh Aluminex Limited, and Pioneer Gas Power Limited.

Many of these cases involved multi-crore creditor claims, complex stakeholder structures, and layered legal and financial issues.

One notable outcome was the sale of the Future Group’s insurance stake to the Central Bank of India through a cluster-based approach that aligned sector-specific investors with the asset.

In another case, he completed the sale of a stranded 388 MW gas-based power plant within two months of being appointed as liquidator, significantly faster than comparable processes.

These outcomes highlight the importance of clear coordination, precise valuation, and steady process management, hallmarks of Avil’s work at Aegis Resolution Services.

Authority in insolvency practice carries accountability. Temporary powers of the board of director’s vest in the resolution professional, yet every step is subject to CoC and judicial oversight.

Over the past eight years, Avil has never been replaced by the Committee of Creditors in any assignment, signaling consistent confidence in his judgment and execution.

He often likens the insolvency ecosystem to an orchestra, where creditors, bidders, valuers, auditors, and advisors must remain in sync for the process to succeed. Even a minor misstep can disrupt outcomes.

Aegis Resolution Services functions within this coordinated framework, emphasizing transparency, timing, and informed decision-making, ensuring the process is efficient and reliable.

Returning Value to the Economy

Every distressed company represents capital, jobs, and infrastructure built over years. For Avil, insolvency is not about closing chapters but about redirecting value where possible.

The broader objective is to return productive assets to the economy, allowing banks to redeploy capital into growth sectors. Each assignment, whether a successful resolution or a time-bound liquidation, contributes to sustainable economic outcomes and preserves stakeholder confidence.

Looking ahead, Avil remains focused on deepening capability, strengthening presence in western India, and handling assignments with clarity, consistency, and restraint.

In a field where scrutiny is constant and decisions carry national and commercial weight, measured execution and value-driven outcomes remain the defining traits of both Avil and the institution he leads.