By Nikunj Ohri
NEW DELHI, March 30 (Reuters) – India has proposed an overhaul of its bankruptcy law, including allowing financial creditors to initiate insolvency proceedings and tightening deadlines, in a bid to speed up resolutions and promote ease of doing business.
Resolutions of stressed assets in India have been delayed despite a mandated 330-day timeline under the Insolvency and Bankruptcy Code, introduced in 2016, largely due to procedural and legal hurdles. Cases often pile up for admission at the National Company Law Tribunal, quasi-judicial body that adjudicates matters related to companies.
More than 30,000 insolvency cases were pending before the National Company Law Tribunal as of March 2025, according…