Predictions For 2023 – IBC Yearly Round-Up 2022

Amendments in Insolvency and Bankruptcy Code underway:

The Code follows an evidence-based policy-making method for bringing amendments. This method is followed in most economic legislations, however, the IBBI has been the most successful after the Securities and Exchange Board of India and other such bodies in suggesting real-time difficulties faced by the bar and the bench in making the Code a success. The ILRC has made some important recommendations in its fifth report some of which have been brought forth as amendments to the Code.

Some of the future developments that could be brought in the Code are discussed below:

• Time Taken for approval of Resolution Plan: The time taken in approval of the Resolution Plan by the adjudicating authority is much longer and it affects the condition in which a Resolution Applicant proposes a plan.