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The government aims to amend the IBC to streamline CCI approval, enhancing the insolvency resolution process in India.

Govt Proposes IBC Amendments to Streamline CCI

The Indian government's proposed amendments to the IBC aim to streamline CCI approvals, optimizing insolvency resolution and enhancing economic efficiency.

The government aims to amend the IBC to streamline CCI approval

The Indian government proposes IBC amendments to streamline CCI approval and improve the insolvency process.

The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors, according to a senior official.
The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, Committee of Creditors (CoC) is a key element.
As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the corporate affairs ministry has been working on amending the IBC.
The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next Parliament session.
Among other provisions, amendments are likely in Section 31 (4) of the IBC that requires bidders to seek approval from the Competition Commission of India (CCI) before submitting their resolution plans to the CoC.
The proposed amendment to Section 31 (4) is aimed to ease the burden on the CCI and will be part of the overall amendments, the official said.
As per this section, for resolution plans that have a provision for combination, as referred to in section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the CCI under that Act prior to the approval of such resolution plan by the CoC.
The ministry has made six amendments to the IBC and at least 122 amendments in regulations since the inception of the Code.
A total of 1,119 cases have been resolved through the Corporate Insolvency Resolution Process (CIRP) leading to a recovery of about Rs 3.58 lakh crore to the creditors under the Code till December 31, 2024.

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.&nbsp;
The corporate affairs ministry took this step to provide relief for companies reeling under the impact of the pandemic.&nbsp;A bill to amend the Insolvency and Bankruptcy Code was cleared by Parliament in September.

Govt extends suspension of fresh insolvency proceedings

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.&nbsp;
The corporate affairs ministry took this step to provide relief for companies reeling under the impact of the pandemic.&nbsp;A bill to amend the Insolvency and Bankruptcy Code was cleared by Parliament in September.

Govt presents IBC (Second Amendment) Bill 2020 in Rajya Sabha

Finance Minister Nirmala Sitharaman&nbsp;introduced IBC&nbsp;(Second Amendment) Bill 2020 in Rajya&nbsp;Sabha&nbsp;to replace the IBC&nbsp;Ordinance which prohibited&nbsp;insolvency proceedings&nbsp;

Finance Minister Nirmala Sitharaman&nbsp;on Tuesday introduced the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 in Rajya&nbsp;Sabha.
This bill will replace&nbsp;the ordinance which was promulgated on June 5 this year to prohibit the initiation of insolvency proceedings arising during the six months from March 25, 2020. The Ordinance came as a response to the Covid-19 pandemic, which had created uncertainty and stress for businesses for reasons beyond their control.
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