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ARTICLE · 07 AUGUST 2024

Ministry Seeks Reforms In IBC Framework

S.S. Rana & Co.
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In the ever-evolving landscape of corporate governance and insolvency regulation, the Ministry of Corporate Affairs (MCA) stands at the forefront, orchestrating strategic reforms to fortify...

IndiaInsolvency/Bankruptcy/Re-Structuring
Rupin Chopra
Rupin Chopra
Apalka Bareja
Apalka Bareja
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In the ever-evolving landscape of corporate governance and insolvency regulation, the Ministry of Corporate Affairs (MCA) stands at the forefront, orchestrating strategic reforms to fortify the framework governing businesses in India. The idea for seeking reforms in the Insolvency and Bankruptcy Code (IBC) are the dual imperatives of enhancing corporate governance standards and streamlining insolvency processes to foster economic resilience and growth.

At the heart of the MCA's initiatives lies a comprehensive review of existing rules and regulations, driven by a commitment to solicit inputs from stakeholders and experts. In response to the imperatives outlined in the Budget Speech (2023-2024), the MCA has embarked on a journey of regulatory introspection, seeking to revamp the Insolvency and Bankruptcy Code (IBC) rules to better address the evolving needs of the business landscape.1

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