Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill

The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, replacing the underutilized fast-track process with a new creditor-initiated insolvency framework. Finance Minister Nirmala Sitharaman highlighted that the IBC has facilitated the resolution of 1,376 companies, recovering Rs 4.11 lakh crore. The amendments aim to expedite insolvency applications and introduce provisions for group and cross-border insolvency.