01-February-2023
Insolvency
 
How India's bid to reform Bankruptcy Law affects payouts to creditors
24-Jan-2023

India’s bid to streamline bankruptcy proceedings includes provisions that could change the proportion of money creditors get from a firm’s liquidation. To speed up proceedings and counter a mounting caseload, the Ministry of Corporate Affairs last week published published dozens of proposed amendments to the insolvency code, giving the public until Feb. 7 to provide input. Any changes to the law would have to be voted on by parliament. Provisions under consideration include the introduction of a new electronic case management system, penalties for frivolous claims, and changes to the way secured and unsecured creditors can be treated when a company’s remaining assets get sold.

News Source:- https://economictimes.indiatimes.com/news/economy/policy/how-indias-bid-to-reform-bankruptcy-law-affects-payouts-to-creditors/articleshow/97241272.cms