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of <h1>Cabinet Approves Amendments to Insolvency and Bankruptcy Code, 2016: Expedited Resolutions, Fair Creditor Distribution, Timely CIRP Completion.</h1> The Union Cabinet approved a bill proposing eight amendments to the Insolvency and Bankruptcy Code, 2016, aiming to enhance the corporate insolvency resolution framework. Key amendments include facilitating comprehensive corporate restructuring, enforcing a 330-day deadline for the Corporate Insolvency Resolution Process (CIRP), and ensuring financial creditors receive fair distribution. The amendments also clarify the binding nature of resolution plans on all stakeholders and allow the Committee of Creditors to decide on liquidation. These changes aim to expedite application admissions, ensure timely CIRP completion, and maximize value from insolvency processes, addressing current delays and enhancing the Code's effectiveness.
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