IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

The law governing insolvency proceedings in India may soon undergo two key amendments. According to a report in the Economic Times (ET), the Insolvency and Bankruptcy Board of India (IBBI) may enable quicker debt resolutions and distribution of recovery proceedings despite the continuation of litigation. 

According to the report, stakeholders agreed that banks must be allowed to restart the insolvency proceedings if a successful resolution applicant backs off.  

"The finance minister addressed the gathering following which there were frank discussions with different groups that were formed," a person who attended the sessions was quoted by ET as saying. 

"Two points