Indian litigation funding has enormous potential: Tom Glasgow, Managing Director, Omni Bridgeway

Omni Bridgeway, one of the largest litigation funders in the world with over USD 3 billion assets under management (AUM), said that it plans to enter the Indian market and help banks, businesses, and RP's in recovering bad offshore debts and assets held abroad..Speaking at India’s first Litigation and Insolvency Summit, 2022 organized by LegalPay, Tom Glasgow, Managing Director, Omni Bridgeway, said, “The Indian market has a lot of potential and remains untapped with plenty of domestic opportunities.”.He further added that while litigation funding is a widely prevalent concept globally but in India it is fairly new and LegalPay has been a pioneer in this sector to raise awareness around litigation finance and interim finance for large number of companies under insolvency..As per watchdog, The Insolvency and Bankruptcy Board of India, there are 5481 total cases where CIRP has been initiated against the corporate debtors. Whereas, there has been commencement of the liquidation process in 1703 cases..“The pace at which litigation financing have grown across the world over the last decade is phenomenal and that Indian market presents a lucrative opportunity for global investors having thesis of ESG investing,” Glasgow added..Industry experts and veterans discussed the impact created by legal financing as a method to provide justice for people at large. .The event was attended by other marquee litigation funders including Karam Advani, Managing Partner SEA at Profile Investment that has global prominence, specialising in Singapore and European markets. .Global philanthropist, Ashwini Kakkar also highlighted the impact of legal financing, shedding light on the impact it creates for the claimants who do not have access to right set of legal professionals and finances to pursue meritorious disputes against larger players. Alongside him, Hiroo Advani, founder of Advani Law, shared his vision regarding the rising role of funding in arbitrations in India and how it will shape up in the near future and help set up smoother arbitrary operations for the overall growth of the legal industry..“We were elated to pull off something of this magnitude and witness prominent stakeholders, sharing a piece of their mind on the untapped potential and doors to new opportunities. LegalPay is a technology company in the businesses of financing litigations and our motto is justice for all.” said Kundan Shahi, Founder and CEO of LegalPay, India’s largest litigation funder..150+ veterans including high profile lawyers, international funders, resolution professionals, investors, venture funds, family offices, banks, NBFCs, fintech players, ARCs, and wealth management companies graced the event and brought lively discussions and debates regarding the financial issues related to the legal and insolvency market..If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.