To further strengthen the insolvency law regime, the government on Wednesday proposed a raft of changes, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface.
The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. The Code has already undergone various amendments.
“To strengthen the functioning of the IBC, changes to the code are being considered in relation to the admission of corporate insolvency resolution process (CIRP) applications, streamlining the insolvency resolution process, recasting the liquidation process, and the role of service pro…
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