 "14% rise in corporate debt under stress")
Why was there a need to amend the Act?
World Bank’s Ease of Doing Business global report places India at the 164th position on the enforcing contracts indicator. The time taken to enforce a contract in India is close to four years (1,445 days), according to the World Bank report.
The Act, which has not been amended in the past 54 years, deals with discretionary relief given to a party on breach of a contract. This usually involves contract-based infrastructure and public-private partnership development projects. The amendments are directed to curb uncertainty in contracts that arise out of inability to
