A Confederation of Indian Industry report says India’s banking system is losing speed as loan recoveries stall and legal processes grow complex. It calls for tighter timelines, stronger institutions and streamlined rules, including simplifying laws under a unified code. The goal: improve efficiency, restore financial discipline and raise investor confidence by making recovery faster and more predictable.
The government has issued an ordinance amending the Arbitration and Conciliation Act, 1996. A key change scraps the Act’s 8th Schedule, which previously laid out qualification requirements for accrediting arbitrators. The move shifts how arbitrator accreditation and compliance will be handled going forward, reshaping the legal framework that governs arbitration appointments and standards.
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An amendment to India’s Insolvency and Bankruptcy Code is being proposed to introduce “prepack” resolutions for MSMEs. The alternative framework aims to make insolvency outcomes quicker and more cost-effective than traditional processes, potentially reducing delays and legal expenses for small businesses facing financial stress.
India’s Arbitration and Conciliation Act, 1996, was built around the UNCITRAL model to modernize arbitration and align with global best practices. The push now is to strengthen the alternative dispute resolution process so cases resolve more smoothly, attract international parties, and help India compete as a world hub for arbitration.
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