<h1>New Insolvency Bill Proposes Faster Resolutions, Group Insolvency, and Stricter Fraud Controls Under Updated Rules</h1> The government introduced a bill to amend the insolvency law, aiming to expedite insolvency resolution and improve governance. Key proposals include an out-of-court creditor-initiated insolvency resolution process allowing faster, cost-effective handling of genuine business failures, with oversight by resolution professionals. The bill introduces group and cross-border insolvency frameworks to coordinate complex cases and align with international standards. It mandates admission of financial creditor applications based solely on default records, reducing delays. The definition of resolution plans is expanded, and restrictions are placed on withdrawal of applications. Provisions enhance recovery from fraudulent transactions, strengthen liquidation oversight with creditor supervision, and allow restoration of insolvency processes to rescue viable firms. The amendments also address misuse of personal guarantees, improve institutional capacity, and promote transparency through electronic processes, collectively aiming to reduce delays, maximize asset value, and facilitate smoother insolvency proceedings.