https://www.taxtmi.com/news?id=71979 Insolvency and Bankruptcy Code amendments introduce stricter timelines, an out-of-court creditor-initiated resolution mechanism, and an enabling framework for group and cross-border insolvency. The revised framework replaces the underutilised fast-track route with a creditor-initiated insolvency process based on debtor-in-possession and creditor-in-control principles, subject to safeguards and defined timelines. The amendments also provide deterrent measures against abuse of process, including penalties for vexatious and frivolous proceedings, and seek to protect the integrity of the resolution system by discouraging delay-causing litigation. en-us Mon, 30 Mar 2026 15:31:04 +0530 Mon, 30 Mar 2026 15:31:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=71979 Insolvency and Bankruptcy Code amendments introduce stricter timelines, an out-of-court creditor-initiated resolution mechanism, and an enabling framework for group and cross-border insolvency. The revised framework replaces the underutilised fast-track route with a creditor-initiated insolvency process based on debtor-in-possession and creditor-in-control principles, subject to safeguards and defined timelines. The amendments also provide deterrent measures against abuse of process, including penalties for vexatious and frivolous proceedings, and seek to protect the integrity of the resolution system by discouraging delay-causing litigation. News - Mon, 30 Mar 2026 15:31:04 +0530 https://www.taxtmi.com/news?id=71979