Historical evidence shows that sovereign debt borrowing and lending was in practice since time immemorial. Sovereign debt lending increased immensely in the past few hundred years and is a popular practice today. And with the coming of each sovereign debt crisis comes to the forefront the concern over the lack of a universally binding legal mechanism for resolving the crisis. While an overwhelming majority of the literature available on sovereign debt restructuring is based on the economic aspects of the subject, the legal aspects involved in sovereign debt restructuring are equally important. Sovereigns have been borrowing through a significant part of the past century and will continue to do so. In this process myriad legal aspects related to sovereign debt restructuring crop up. This paper, therefore, chooses to focus on them.