Lok Sabha passes insolvency amendment Bill to tighten timelines, boost creditor control

The Lower House had taken up the Bill, moved by Finance Minister Nirmala Sitharaman, for discussion on March 27. Initially referred to a select committee, the Bill aims to address delays and introduce procedural changes in insolvency and bankruptcy proceedings for companies and individuals.

Featuring 12 amendments, the revised legislation introduces key changes to India’s insolvency framework, including creditor-driven mechanisms, stricter timelines and provisions for group and cross-border…