IBC may come up in Budget session for faster resolution, cross-border norms

The Insolvency and Bankruptcy Code (IBC) could soon see some strengthening, including a cross-border insolvency framework and measures to speed up resolution of cases, with the matter set to be taken up in the upcoming budget session of parliament, government insiders said. The proposed legislative changes also include a code of conduct for the committee of creditors (CoC) that decides on insolvency resolution proposals. The proposed cross-border insolvency legislation will pave the way for lenders to include foreign assets of a bankrupt entity in their recovery proceedings, including offshore personal assets of promoters where they have offered personal guarantees, the sources said.

News Source:- https://economictimes.indiatimes.com/industry/banking/finance/banking/ibc-may-come-up-in-budget-session-for-faster-resolution-cross-border-norms/articleshow/88888051.cms