Shardul S Shroff, an advocate in Supreme Court who is also a member in both Narshimahan committee on banking refoms and Bhagwati committee on take over codes has lamented the outdated judicial process and inadequate understaning of new developments which make country's legal system unsuitable to deal with the cases needing the application of modern laws.

``It is really pathetic to have this kind of impossible legal regime in the country which breeds corruption,''said Shroff adding that the situation in debt recovery tribunal is a classic example in this. Speaking on the issue of Debt market -agenda for legal reforms, at an international seminar on strengthening financial sector through the market, organised jointly by Moody's and ICRA, Shroff said that recovery of non performing asets of the financial sector is a part of the debt market reforms.``Without recovery there cannot be a debt market. With old laws or without modern understanding, the domestic legal system cannot handle complicated cases pertaining to e-commerce, capital market, and telecomme sector, he noted.