The IBC amendments under consideration of the corporate affairs ministry were proposed by a panel led by corporate affairs secretary Injeti Srinivas.
New Delhi: Indias bankruptcy law, the Insolvency and Bankruptcy Code (IBC), is set for a major overhaul as policymakers seek to decisively deal with business failures that slow down expansion in Asias third-largest economy.
The ministry of corporate affairs is finalizing a series of IBC amendments based on a panels recommendations to remove difficulties in turning around businesses and to strike a balance between the interests of lenders, customers of failed businesses and their promoters, according to the insolvency law panels report which was submitted to the government last week.
The IBC am…
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