“Book excerpt | Defaulter’s Paradise Lost: Demystifying the Insolvency and Bankruptcy Code”, First Post, August 27, 2023:

“Financial defaults are not a new phenomenon in the Indian banking sector. Against this background, the Government has introduced strong legal remedies from time to time for lenders against defaulting companies.

In a democracy as large as India, where many times shelter was taken under the principles of natural justice by borrowers, it wasn’t a simple task for the bankers, Non-banking Financial Companies (NBFCs) and other lenders to prosecute and hold accountable the defaulters, especially those doing so at the cost of public money given the not-so-satisfactory performance of the legal recourses available to them.

Proceeding under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, before the Debt Recovery Tribunals (DRTs), restructuring of companies before the Board for Industrial and Financial Reconstruction (BIFR) and money recovery suits had their own challenges, especially with respect to the time taken……”

Read the full article at Firstpost.com