India's insolvency norms evolution: What to expect from the Union Budget

Since its inception in 2016, India's Insolvency and Bankruptcy Code has shifted from debtor to creditor control, yielding positive outcomes. Anticipated amendments include introducing a Creditor-Led Resolution Process, mandatory admission on record of defaults, widened scope for avoidance transactions, 'group insolvency,' and nullifying key judicial precedents. These changes aim to streamline and enhance the efficiency of insolvency proceedings, crucial for economic recovery and investor confidence.


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