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Debt Default, Recovery and Resolution in a Pandemic: What to Expect in the New Normal

This article critically analyses three sets of developments in India in connection with standstills and forbearance during the pandemic. First, the moratorium imposed by the Reserve Bank of India (RBI), as the banking regulator, on the recovery of debt by banks and NBFCs. Second, the temporary suspension of the Insolvency and Bankruptcy Code, 2016 (IBC) in its entirety, and third, forbearance offered through court judgements. How will these forbearance measures affect the state of debt recovery in India? Will they impact all kinds of borrowers and credit segments equally? What will their impact be on credit discipline and overall contract enforcement in India? This article attempts to unravel the seen and unseen effects of these developments for the credit market in India.