Women are emerging as a transformative force in India’s insolvency and restructuring sector, breaking barriers and reshaping leadership in this rapidly evolving field. A recent webinar organized by INSOL India in collaboration with IWIRC (International Women’s Insolvency & Restructuring Confederation) brought together leading professionals to discuss the contributions of women, their career growth, and the systemic challenges they face in insolvency law.
The panel featured prominent voices, including Dr. Deepti Mukesh (Former Judicial Member, NCLT), Suchitra Kanuparthi (Former Judicial Member, NCLT), Misha (Partner, Shardul Amarchand Mangaldas & Co.), and Swati Dalmia (Partner, Fox Mandal & Associates), with Eshna Kumar (Founder, Chambers of Eshna Kumar) moderating the discussion.
Evolution of Insolvency Law and Women’s Role
Dr. Deepti Mukesh opened the discussion by reflecting on the evolution of India’s insolvency framework. She highlighted how legal reforms have shifted perceptions of insolvency from a social stigma to an institutionalized resolution process. “The scare from the word insolvency is gone, but the scare about not paying debt remains. That is what we strived to achieve,” she remarked.
Dr. Mukesh noted that women were historically underrepresented in insolvency practice but are now taking on leading roles as Insolvency Resolution Professionals (IRPs) and Liquidators. “Hardly any women used to be involved in insolvency matters. In 2016, we saw a tremendous change. Today, I see women taking full-time careers as IRPs or Liquidators,” she said.
Need for Structured Training and Representation
Suchitra Kanuparthi emphasized the importance of structured training programs to increase women’s participation in insolvency law. She called for the Insolvency and Bankruptcy Board of India (IBBI) to establish a dedicated panel of experienced women insolvency professionals to ensure greater representation.
“IBBI should maintain an entire panel of women Insolvency Professionals—women with experience, qualifications, and knowledge. There should be a system where they can be trained. Women can do a better job than men. I am sure about it,” she asserted.
Challenges of Mid-Career Attrition
Misha, a litigator specializing in insolvency law, acknowledged that while more women are entering the field, mid-career attrition remains a significant challenge. “When women choose to marry or have children, it becomes very challenging, especially given the fast-paced nature of insolvency proceedings. The reason we don’t see many women in accounting or financial roles is because of the mid-career choices we have to make,” she explained.
She also highlighted the unique leadership style women bring to the table. “Traditional leadership used to be rigid, but today, we see leadership that listens to all stakeholders, understands their concerns, and is driven by empathy. Women have an advantage in this regard,” Misha observed.
Resilience and Adaptability
Swati Dalmia drew a parallel between women’s resilience and their ability to adapt under pressure. “Women are like tea bags—until you put them in hot water, you don’t recognize their strength,” she remarked. She emphasized that the insolvency profession has become more gender-inclusive, but women must continue to push boundaries.
“There is no impediment today in 2025. We see a lot of gender equality in this space. Arbitration is no longer an old boys’ club,” Dalmia added. She also pointed out that women’s innate flexibility makes them well-suited for the insolvency industry. “The way insolvency law is evolving aligns with our natural instincts. Women are adaptable and open-minded, which helps in finding innovative solutions.”
Work-Life Balance: Myth or Reality?
The panel also addressed the perennial debate on work-life balance in the legal profession. Kanuparthi suggested that women naturally find ways to balance work and family. “When you have a passion for work and a commitment to family, you will find a way,” she said.
In contrast, Dalmia dismissed the concept of work-life balance as a myth. “We have to continuously juggle and hustle. As long as you enjoy it, it’s okay,” she asserted. Misha called for better work environments where professionals can voice concerns about unrealistic workloads. “Work is part of our lives, but it is not our entire life. We need to create workspaces where people can express that it’s not okay,” she noted.
Client Perceptions and Visibility
Dr. Mukesh pointed out that women still face challenges in earning client trust for high-stakes cases. “The trust in a female lawyer is still lacking. We need to bring up a generation that understands that women are not second to men,” she stated.
Misha, however, suggested that the issue is not trust but visibility. “Women tend to hesitate in reaching out to clients, but we need to change that. Once clients see our dedication and sincerity, the work speaks for itself,” she explained.
A Call for Structural Support and Mentorship
The webinar concluded with a strong message: while women’s representation in insolvency law is growing, structural support, mentorship, and policy initiatives are essential for sustained progress. Dr. Mukesh closed the discussion with a powerful remark: “Work-life balance is always asked of women, never men. If we have struggled for generations to bring a balance, men should initiate the struggle too.”
With women increasingly leading insolvency proceedings, shaping resolution frameworks, and influencing legal policies, the panelists agreed that gender equality in this field is not just a goal—it is an ongoing transformation.