The Lok Sabha on Monday approved a clutch of amendments to the Insolvency and Bankruptcy code (IBC) that will significantly reduce resolution timelines, and pave the way for structural reforms in the decade-old law. The IBC (Amendments) Bill proposes new frameworks to handle complex cases, aligning with evolving global practices. A significant addition is the creditor-initiated insolvency process (CIIRP), an out-of-court mechanism that allows creditors to initiate insolvency for genuine business failures with 51% consent. Post-initiation, the process has to be completed within 150 days with a possible extension of 45 days.