MCA proposes 5 key changes to IBC for time-bound resolution of stressed assets

The Ministry of Corporate Affairs (MCA) vide. Public notice File No. 30/38/2021-Insolvency dated: 23.12.2021 has sought public comments on proposed changes to the Corporate Insolvency Framework. Based on the issues raised by Insolvency Law Committee, significant changes have been proposed to enable a swift admission process, streamline provisions about avoidable transactions and wrongful trading and norms relating to the period for approval of resolution plans.The Ministry of Corporate Affairs (MCA) vide. Public notice File No. 30/38/2021-Insolvency dated: 23.12.2021 has sought public comments on proposed changes to the Corporate Insolvency Framework. Based on the issues raised by Insolvency Law Committee, significant changes have been proposed to enable a swift admission process, streamline provisions about avoidable transactions and wrongful trading and norms relating to the period for approval of resolution plans.taxmann.com NewsRead More

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