BC changes on agenda to speed up resolution; bill likely to be introduced in Budget Session :-ET Dec 16,2022

 

Synopsis

According to government data, 12,871 bankruptcy resolution cases were pending on October 31, down from 13,211 as on December 31, 2021. The average number of days taken to resolve a case rose from 230 days in FY18 to 679 days in the first half of FY23.

The government is considering changes to the Insolvency and Bankruptcy Code (IBC) to speed up the resolution process, said a senior government official. In particular, these would address inter-creditor disputes, identified as the leading cause of delays.

An amendment bill is likely to be introduced in the budget session after stakeholder consultations.

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https://economictimes.indiatimes.com/news/india/ibc-changes-on-agenda-to-speed-up-resolution-bill-likely-to-be-introduced-in-budget-session/articleshow/96265325.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst