MCA is looking for comments on various amendments proposed to the insolvency law, including provisions related to the time period for approval of resolution plans as well as avoidable transactions, swift admission process and wrongful trading. The amendments have been proposed by the Insolvency Law Committee (ILC). Amendments have also been suggested in connection with the closure of the voluntary liquidation process and the IBC Fund. To make the admission process for insolvency applications faster, it has been suggested that financial creditors should be asked to rely on Information Utility (IU) records to establish default.
The Bankruptcy Law Reforms Committee (“BLRC”) Report, 2015 conceptualised the IU framework to help reduce information asymmetries and provide quick access to verified financial information.
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