The corporate affairs ministry has finalised amendments to the Insolvency and Bankruptcy Code (IBC), following approval by the Prime Minister’s Office (PMO), people with knowledge of the matter said.
This comes after months of deliberations and is aimed at expediting the resolution of bankrupt firms and bolstering recoveries by creditors.
The proposed amendments include a framework for each of the three types of bankruptcy resolutions under the IBC — creditor-led resolution, cross-border insolvency and corporate group bankruptcy.
The new frameworks
These changes are the latest by the Centre since 2021 as it seeks to strengthen the code, said the people cited. Between its launch in May 2016 and 2021, the IBC had been amended six times…