As a relief to various corporates, It has been viewed during this Pandemic that the Government might soon bring about an Ordinance to suspend Section 7,9 and 10 of IBC for an year. The long time required to recover money from defaulters by creditors is extremely well known, this leads the defaulters to take advantage of the situation.
To avoid these “willful defaulters” from taking any advantage of this Pandemic, Order 37 of CPC , i.e. a Commercial Suit may be available as an alternative remedy to the creditors. The disposal of suits under IBC regulations take an average of 1.6 years to be disposed of. To tackle this, Order 37 and Order 13A (i.e. Summary Judgements) of CPC may be the perfect Alternate Remedy to dispose of the financial cases for recovery of Money.
Even the costs may be compartively less in a Commercial Suit.
Therefore stating , that in the event of an Ordinance which suspends Section 7,8 and 9 of the IBC, A commercial suit may the Alternative Remedy for the creditors.