Cabinet approves IBC amendments for quicker resolutions
after close1 source ↓written by the desknot a recommendation
- must conclude
- 150 days
- extension
- 45-day
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. The process must conclude within 150 days, with a possible 45-day extension, enhancing efficiency in handling business failures.
Not investment advice. For informational purposes only.