The extension of the mandate of the arbitral tribunal provided in Section 29A(3) of the Arbitration and Conciliation Act, 1996, is a question of law which has invited varied and diverging views of the...
Published On: 01/11/2016
Practice Area: Corporate & Commercial, Banking & Finance, Insolvency & Restructuring
Authors:
Ran Chakrabarti
It's no secret that the Indian banking industry has a rather large number of loans outstanding that have simply gone wrong. With non-performing loans estimated at just over INR 6.3 trillion1 market. In this context, the new Insolvency and Bankruptcy Code (the "Code") passed by Parliament earlier this year, promises to address the structural problems hampering the efficient recycling of capital and rebalance the rights of creditors, giving them much needed recourse to take timely and effective action against defaulting borrowers.
