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In a notice, the ministry also said its seeking to tweak the rules on the application to the adjudicating authority, the annual statement of accounts and the annual report rules, as stipulated by the Insolvency and Bankruptcy Board of India (IBBI). The notice has been uploaded on the IBBI website.
Bombay High Court's ruling alters banks' handling of wilful default cases. Evidence provision mandated, transparency increased. Concerns raised over borrowers challenging actions. RBI guidelines modification pending.
Data available from IBBI showed that from 2016 (when IBC became operational) to December 2023, bankruptcy resolution plans were approved for 891 companies
Changes on way in bankruptcy law to redefine secured creditor
The project, which will link various stakeholders of the corporate turnaround ecosystem and aims to improve the efficacy of debt resolution, is likely to be announced in Union Budget 2024