New Delhi: Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital said on Friday that the planned amendments to the bankruptcy law will lead to faster resolution of stressed companies.
Finance and corporate affairs minister Nirmala Sitharaman introduced amendments to the Insolvency and Bankruptcy Code (IBC) last week with a framework for creditor-initiated resolution involving mostly out-of-court processes. The amendments also proposed frameworks for cross-border insolvency and corporate group bankruptcy.
The amendment bill presented in the Lok Sabha was referred to a select committee. These were the first set of amendments to the IBC moved by the government since 2021.
Speaking at an Assocham event in the national capital,…