New Delhi, Aug. 13 -- Nearly eight years after the Insolvency and Bankruptcy Code (IBC) promised a clean break from India's sluggish bankruptcy regime, Finance Minister Nirmala Sitharaman on Tuesday unveiled an amendment bill in the Lok Sabha designed to put speed, value and governance back at the heart of the process.

Bill objectives and scope

The bill seeks to reduce procedural delays, maximise value for all stakeholders, and strengthen the governance of processes under the Code.

Key proposals include faster admission of insolvency cases, an out-of-court mechanism for "genuine business failures", and frameworks for group and cross-border insolvency.

Introduced in 2016 to rescue and reorganise distressed companies through a time-boun...