The Bill outlines a creditor-led, largely out-of-court insolvency process for quick rescue, faster tribunal timelines, a new framework for group insolvencies and cross-border bankruptcies, and clearer rules on the priority of government dues. It also marks a big departure from the current regime by allowing management of bankrupt companies to continue running day-to-day operations under the watch of a resolution professional.
At present, insolvency cases that are meant to be admitted within 14 days take an average 434 days, eroding value for lenders and shareholders.
“The proposed amendments aim to reduce delays, maximise value for all stakeholders, and improve…