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4-Point Action Plan with IBC
March 28 , 2025
3 days
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- The Standing Committee on Finance has directed the Ministry of Corporate Affairs (MCA) to implement a direct submission system for resolution plans through a central online portal.
- This move aims to ensure confidentiality in the submission process, preventing any undue advantage for certain parties.
- The 4 points are
- Implementation of a Direct Submission System for Resolution Plans:
- Enhancing the Role and Accountability of Resolution Professionals;
- Transparent Monitoring of Case Resolution Timelines and
- Review of the Committee of Creditors’ (CoC) Structure.
- Insolvency and Bankruptcy Code (IBC) aims to provide time-bound and creditor-driven process for insolvency resolution.
- Insolvency refers to a situation where the individuals or companies cannot repay back their outstanding debt obligations.
- Bankruptcy refers to a legal status declared by a court of competent jurisdiction for a person or entity that is insolvent i.e. unable to pay off debts.
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