Streamlining Insolvency: IBBI's Proposed Amendments Spark Industry Optimism
The IBBI Chairperson, Ravi Mital, highlighted the proposed amendments to the Insolvency and Bankruptcy Code, aiming for a quicker resolution of stressed assets. A new bill introduced to the Lok Sabha is under committee review, emphasizing improvements like faster application processing and cross-border insolvency frameworks.
- Country:
- India
The Insolvency and Bankruptcy Board of India (IBBI) aims to expedite the resolution of stressed assets through proposed amendments to the insolvency law, according to Chairperson Ravi Mital. Speaking at an Assocham event, Mital expressed confidence that these changes would reduce delays in the resolution process.
On August 12, the government introduced a bill in the Lok Sabha to amend the Insolvency and Bankruptcy Code (IBC). This bill proposes significant changes, including mechanisms for quicker admission of insolvency applications and frameworks addressing cross-border insolvency.
The proposed amendments have been referred to a select Lok Sabha committee for further scrutiny. Mital urged stakeholders like consultants, advisors, and bankers to actively engage and support building a robust insolvency framework, addressing current challenges in the sector.
(With inputs from agencies.)
- READ MORE ON:
- IBBI
- insolvency
- bankruptcy
- amendments
- IBC
- Ravi Mital
- stressed assets
- government
- creditors
- resolution
Google News