<h1>Trade Receivables Discounting System to enable invoice financing for MSME liquidity while a comprehensive bankruptcy code reforms insolvency resolution.</h1> An electronic Trade Receivables Discounting System (TReDS) will be established to facilitate financing of MSME trade receivables by enabling discounting of invoices from corporate and other buyers through multiple financiers to improve MSME liquidity. Separately, a Comprehensive Bankruptcy Code will replace SICA and BIFR to provide legal certainty, speed, alignment with global standards, and enhanced judicial capacity for insolvency resolution.