The government is set to float a cabinet note within the next two weeks, outlining key amendments to the Insolvency and Bankruptcy Code (IBC), according to sources in the Ministry of Finance. The bill is expected to be tabled during the upcoming monsoon session of Parliament.
One of the major reforms under consideration is likely the introduction of a Creditor-Led Resolution Process (CLRP) aimed at expediting debt resolution while reducing reliance on the National Company Law Tribunal (NCLT). Unlike the existing Corporate Insolvency Resolution Process (CIRP), which involves extensive judicial oversight, CLRP would empower financial creditors to take the lead in resolving distressed assets. The government may also introduce a 165-day…
