No two bankruptcies are the identical, however India’s processes for dealing with them have some frequent deficiencies. Throughout the nation, 27 tribunals are being run by 29 judges; not less than 25 wanting what’s required. Many haven’t any expertise in monetary issues. One decide, M.B. Gosavi, sits on 4 benches. Instances from Noida, a suburb of Delhi the place large builders have defaulted to homebuyers, land earlier than a single tribunal member 300 miles away. The insolvency courts additionally adjudicate unrelated issues underneath the Corporations Act, overwhelming an already strained system.
https://www.washingtonpost.com/enterprise/india-is-no-country-for-dying-firms/2021/08/22/af2b95f2-03a1-11ec-b3c4-c462b1edcfc8_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business | India Is No Nation for Dying Corporations