Cabinet approves IBC amendments for faster resolutions
pre-market1 source ↓written by the desknot a recommendation
- and a possible
- 150 days
- and a possible
- 45-day extension
The Union Cabinet approved amendments to the Insolvency and Bankruptcy Code (IBC), aiming to reduce resolution timelines significantly. The revised Bill introduces a creditor-initiated insolvency resolution process (CIIRP), requiring 51% creditor approval to initiate insolvency, with a resolution deadline of 150 days and a possible 45-day extension. This reform is expected to enhance the efficiency of insolvency proceedings, impacting market sentiment positively.
Not investment advice. For informational purposes only.