Centre tables insolvency amendment bill, seeks to introduce creditor-initiated process
The amendments aim to reduce delays, maximise value for all stakeholders, and improve governance of all processes under the code. 'They seek to modify existing provisions to better align with the overall objectives of the Code and to introduce new provisions that follow global best practices for resolving insolvency,' as per the statement of objects and reasons of the bill.
The bill introduces the concept of creditor-initiated insolvency resolution with an out-of-court initiation mechanism for genuine business failures to facilitate a faster and more cost-effective process. The bill also introduces provisions for group insolvency and cross-border insolvency.
'The cross-border insolvency framework seeks to lay the foundation for protecting stakeholder interests in domestic and foreign proceedings, promoting investor confidence and aligning domestic practices with international best practices,' according to the statement of objects and reasons of the bill.
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