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ARTICLE · 15 AUGUST 2025

IBBI's Proposal For Enhancing Resolution Framework

Khaitan & Co.
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As the Insolvency and Bankruptcy Code, 2016 (Code) is on the brink of hitting a decade in operation, we are now seeing the focus of the Insolvency and Bankruptcy Board of India...

IndiaInsolvency/Bankruptcy/Re-Structuring
Siddharth Srivastava
Siddharth Srivastava
Udita Singh
Udita Singh
Shikha Mohini
Shikha Mohini
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Background

As the Insolvency and Bankruptcy Code, 2016 (Code) is on the brink of hitting a decade in operation, we are now seeing the focus of the Insolvency and Bankruptcy Board of India (IBBI) being widened to practical implementation of resolution plans. In this regard, the IBBI has on 6 August 2025 issued a 'Discussion Paper - Measures to enhance integrity of the Corporate Insolvency Resolution Process (CIRP)' (Discussion Paper) with the intent to have the members of the committee of creditors (CoC) play an active role in ensuring compliance with statutory mandates including eligibility criteria under Section 29A of the Code, disclosures regarding beneficial ownership and applicability of Section 32A of the Code.

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