Govt introduces insolvency law amendment bill in LS; FM says changes aim to reduce delays https://www.taxtmi.com/news?id=52341 The Bill creates a creditor-initiated insolvency resolution process (CIRP) permitting out-of-court initiation with oversight by a resolution professional, a debtor objection window, and conversion to standard CIRP where conditions are met; it treats information-utility records as sufficient evidence of default for financial creditor admissions, restricts withdrawal of CIRP applications at key stages, and expands resolution plans to include asset sales while enhancing avoidance-recovery powers. en-us Tue, 12 Aug 2025 21:31:04 +0530 Tue, 12 Aug 2025 21:31:04 +0530 TaxTMI RSS Generator Govt introduces insolvency law amendment bill in LS; FM says changes aim to reduce delays https://www.taxtmi.com/news?id=52341 The Bill creates a creditor-initiated insolvency resolution process (CIRP) permitting out-of-court initiation with oversight by a resolution professional, a debtor objection window, and conversion to standard CIRP where conditions are met; it treats information-utility records as sufficient evidence of default for financial creditor admissions, restricts withdrawal of CIRP applications at key stages, and expands resolution plans to include asset sales while enhancing avoidance-recovery powers. News - Tue, 12 Aug 2025 21:31:04 +0530 https://www.taxtmi.com/news?id=52341