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Litigation finance: No more an alien concept to India now
The IALF would be launched on January 7 with several players such as Omni Bridgeway and Phoenix Advisers
The New Year is going to mark a new reform in the India s legal industry with the launch of a dedicated self-regulatory body to fund the litigations in the country. The concept of litigation finance is not much known in India, however, to simplify its meaning, it refers third party funding.
This concept allows a third party to provide a litigant, who otherwise lacks the necessary resources and funds needed to litigate or arbitrate a claim, or potentially to obtain funds to be repaid from any eventual recovery.