The much-awaited ordinance, expected to make a tangible impact on India’s crisis of piling non-performing loans, was signed into a law by the President on 5th May 2017. The Ordinance, consisting of barely two sections, makes amendments to the regulatory framework of banking in India, viz., the Banking Regulation Act. After reading the law, one is forced to think – if this is what was holding up the resolution of NPA crisis in the country, did it actually have to take all this time?
In the recent times, a significant change has been noticed in the attitude and approach of the society, at large, in relation to resolution of disputes. It has been witnessed in some of the prominent Western countries, especially, the United States of America, that the Courts have adopted an approach which is clearly in favour of pro arbitration mechanisms. However, there is much scholarly debate to subject such alternate dispute mechanisms to a particular specified standard in order to avoid any conflict between the traditional way of delivering justice by means of Courts and the new method of resolving disputes by means of arbitration. Read more