New Delhi, Mar 10 (PTI) The Union Cabinet on Tuesday approved amendments to the insolvency law and the Companies Act, according to sources.

Specific details could not be immediately ascertained.

The sources said the Cabinet has cleared various amendments to the Insolvency and Bankruptcy Code (IBC) and the Companies Act, 2013.

Both laws are implemented by the corporate affairs ministry.

In August last year, the ministry had introduced a Bill in the Lok Sabha to amend the IBC, proposing a raft of changes, including provisions to reduce the time taken for admission of insolvency resolution applications. The Bill, which was referred to a select committee of the Lok Sabha, has also submitted its report in December 2025.

Last month, Finance and Corporate Affairs Minister Nirmala Sitharaman had said the government intends to introduce the IBC (Amendment) Bill, 2025 in the second half of the Budget session.

The session commenced on Monday. PTI RAM ANZ TRB

Insolvency law amendments advance to enable streamlined corporate resolution and corresponding Companies Act changes approved by Cabinet. The Union Cabinet approved amendments to the Insolvency and Bankruptcy Code and the Companies Act, advancing legislative changes to corporate insolvency and company regulation; these approvals follow a previously introduced amendment Bill that was referred to a select committee and a government intention to introduce an IBC amendment bill in the current parliamentary session.