Restructuring and Servicing of Debts during Pandemic
Recently, the news headlines have highlighted how Indian Banks’ Association (IBA) is devising a specific restructuring proposal to be advanced to companies affected by economic fallout induced by the Covid-19 crisis. The need for such a proposal shall be attributed to the companies reeling under the loss of earning capacity as well as the destruction in demand prompted by the pandemic. The present article aims to throw light upon the concept of, and schemes for the restructuring of such debts and how these are affected by the pandemic, elaborating upon various regulatory and judicial reliefs for the same.