The government on Wednesday proposed a slew of changes to the insolvency law, including fast-tracking the process and expanding the scope of pre-packaged framework. 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 providers under the Code,” the ministry said in a notice.
Among other changes, the corporate aff…
Read the full article at: https://www.businesstoday.in/latest/corporate/story/govt-proposes-slew-of-changes-to-insolvency-law-360936-2023-01-18