Parliament refers IBC Amendment Bill to select committee
Parliament has handed the Insolvency and Bankruptcy Code (IBC) Amendment Bill to a select committee for closer scrutiny.
Brought in by Finance Minister Nirmala Sitharaman on Tuesday, the bill is designed to make bankruptcy resolutions quicker and help creditors recover dues faster, all while easing pressure on overworked courts.
Bill aims to make bankruptcy resolution quicker
These updates could seriously modernize how India handles corporate failures.
The bill introduces new rules for dealing with companies that have assets or debts overseas, and makes it easier to resolve cases involving groups of related companies together.
If passed, these changes could mean less courtroom drama, smoother international cooperation when chasing defaulters abroad, and a more transparent process overall—good news for businesses and anyone hoping for a stronger economy.