Finance minister Nirmala Sitharaman on Tuesday introduced the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 in the Lok Sabha, by including provisions related to group insolvency, cross-border cases, and a creditor-led process to expedite resolution of bankrupt companies. The Bill was later referred to the select committee.
The much-awaited changes to the 2016-born Code, is expected to facilitate faster admission of bankruptcy cases and their speedier resolution. The additional provisions are also aimed at maximising asset value and improving governance, government sources said.
Key Reforms to Fast-Track the Insolvency Process
The creditor initiated insolvency resolution process (CIIRP) will provide an out-of-court…