While the first half of the year saw a standstill because of the central government elections, the second half was marked by numerous regulatory and legislative developments across sectors to boost a slowing economy. 2019 also saw the judiciary bringing in much needed clarity for corporates with some important decisions having far reaching consequences in the insolvency and arbitration space.
The Indian government introduced a slew of regulatory and legislative measures across sectors in 2019 in order to boost the economy amidst growing concerns of a slowdown. Some notable developments include the amendments to the Insolvency and Bankruptcy Code, introduction of the Wage Code, overhaul of the foreign exchange control regime and the external commercial borrowings framework. The judiciary also continued to play a critical role in developing Indian jurisprudence by delivering some landmark decisions such as in the insolvency resolution case of Essar Steel, its pro-arbitration approach in Hindustan Construction Company case etc.
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