A short excerpt on the recent judgment of a five-member special bench of the National Company Law Appellate Tribunal (NCLAT), wherein it held that the NCLAT has the power to recall its own orders on s...
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.
