I got my license way back in 1996. East West, ModiLuft, NEPC and Damania shut down around that time. It was a world of pain for hundreds of freshly minted pilots at that time. And it lasted the better part of a decade.
The economy is a lot more robust than it was back then. Nevertheless, expect to be on the sidelines for much longer than you had anticipated prior to this shutdown. There are hundreds of fully type rated and experienced pilots shipping out resumes and calling their friends in different airlines. A rookie CPL holder has a spot at the end of a very long line. I really hate to be the bearer of bad news, but you and your peers are in for a seemingly never ending soul destroying wait. Just prepare to hold out for a long time.
Good luck to all. A sad moment in Indian aviation.