Understanding Distressed Debt and Turnaround Investing

A practical guide to investing in companies under financial stress, built for experienced Indian retail investors, active traders, and HNIs. Covers the full distress cycle: how the Insolvency and Bankruptcy Code works, why equity usually gets wiped out under the Section 53 waterfall, how to map a capital structure and estimate recovery value, which distressed instruments Indian investors can actually access, and how to separate a genuine turnaround from a value trap. Uses real cases throughout, including Bhushan Steel, Essar Steel, Jet Airways, Ruchi Soya, Suzlon, Vodafone Idea, and Yes Bank, with data from Screener.in, NCLT orders, and exchange filings.