New Delhi, Aug 12 (PTI) The government on Tuesday introduced a bill in the Lok Sabha to amend the insolvency law, proposing a raft of amendments, including an out-of-court mechanism to address genuine business failures, group and cross-border insolvency frameworks.
Besides, provisions have been proposed to reduce the time taken for admission of insolvency resolution applications, to expand the definition of resolution plan and decriminalisation of certain actions.
Finance and Corporate Affairs Minister Nirmala Sitharaman introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, which was later referred to a select committee of the House, following the request of the minister.
In the Statement of…
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