The Choose Committee, headed by BJP member Baijayant Panda, is inspecting the Insolvency and Chapter Code (Modification) Invoice, 2025, which was launched within the Lok Sabha on August 12.
A supply stated the Institute of Chartered Accountants of India (ICAI) made its submissions to the choose committee on the amendments which might be geared toward additional enhancing the processes underneath the Insolvency and Chapter Code (IBC).
Round 60 per cent of the insolvency professionals are chartered accountants. There are over 4,560 insolvency professionals registered with the Insolvency and Chapter Board of India (IBBI).
IBBI is a key establishment within the insolvency regulation ecosystem.
The modification invoice, launched on August 12, has proposed a raft of amendments, together with an out-of-court mechanism to handle real enterprise failures, group and cross-border insolvency frameworks.Apart from, provisions have been proposed to scale back the time taken for admission of insolvency decision functions, to develop the definition of decision plan and decriminalisation of sure actions.Within the Assertion of Objects and Causes for the invoice, Finance and Company Affairs Minister Nirmala Sitharaman had stated the proposed adjustments goal to scale back delays, maximise worth for all stakeholders, and enhance governance of all processes underneath the Code.
The Code, launched in 2016, gives for a time-bound and market-linked decision of pressured belongings. The regulation has undergone six legislative interventions since its enactment, and the final modification was made in 2021.
