Business Standard

IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

INSOLVENCY, IBC, Companies, audit, nclt
Premium

BS Web Team New Delhi
The law governing insolvency proceedings in India may soon undergo two key amendments. According to a report in the Economic Times (ET), the Insolvency and Bankruptcy Board of India (IBBI) may enable quicker debt resolutions and distribution of recovery proceedings despite the continuation of litigation. 

According to the report, stakeholders agreed that banks must be allowed to restart the insolvency proceedings if a successful resolution applicant backs off.  

"The finance minister addressed the gathering following which there were frank discussions with different groups that were formed," a person who attended the sessions was quoted by ET as saying. 

"Two points

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 22 2022 | 8:58 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com