New Delhi, Jan. 8 -- India's debt recovery regulations are poised for another set of reforms.

In the upcoming budget, the Centre may announce plans to amend rules governing debt identification and resolution to fast-track recoveries and clear the backlog of cases in debt recovery tribunals (DRTs), according to two people familiar with the development.

The government may propose changes to ensure laws that form India's debt recovery ecosystem-the SARFAESI Act, 2002, for secured enforcement; the Recovery of Debts and Bankruptcy Act, 1993, for adjudicated recovery; and the Insolvency and Bankruptcy Code (IBC), 2016, for insolvency resolution-work in tandem rather than at cross-purposes, while also seeking to harmonize debt recovery rules w...