Litigation turning out to be a big hurdle for IBC: Economic Survey
The Economic Survey has said the Insolvency and Bankruptcy Code (IBC) is facing serious hurdles due to litigation initiated by various parties, adding that there is a need for efficient legal systems. The Survey said the court system remains the single most important way for ex-post resolution and the performance in the area of dispute resolution and contract enforcement in India remains a concern and needs to be focused on. The Survey cited the World Bank’s Ease of Doing Business report (2020), which said it takes 1,445 days to resolve a commercial contract in India as compared to 589.6...