The year 2019 witnessed several landmark judicial precedents and notable legislative amendments promising resolution of corporate, commercial, and consumer disputes in a timely manner. Here we discuss some of the major developments in the past year and give a brief overview of the plausible changes in 2020.
THE YEAR THAT WAS
2019 stood out as a year of landmark judgements, with the Supreme Court of India emphatically ruling in favour of greater certainty in enforcement of contractual rights through arbitration and progressive restructuring legislation recognising the primacy of the commercial wisdom of creditors.
2019 also witnessed several legislative changes brought about to facilitate effective resolution of corporate, commercial and consumer disputes in India. While a majority of the legislative amendments are curative in nature, a few amendments are changing the Indian legal landscape.
The Insolvency and Bankruptcy Code, 2016 (Code) was amended twice to enable a faster resolution of insolvency disputes by protecting the interests of creditors. The Arbitration and Conciliation Act, 1996, was also amended to introduce, among other things, a nodal arbitration agency to make arbitration procedures more robust and friendly. Sweeping amendments to the Consumer Protection Act, 1986 were also introduced to provide for timely and effective administration and settlement of consumer disputes.
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