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The Supreme Court of India is reported to have blessed a settlement between a litigating lender and a corporate borrower after the process for insolvency under the newly-legislated Insolvency and Bankruptcy Code had been set in motion.
The parties settled their differences and their settlement terms were approved setting aside the process, using the court’s powers under Article 142 of the Constitution. This is a material development and points to the need to take a close re-look at some of the policy choices made in the new bankruptcy law, which is now about nine months old.
First, the process brings on par
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