Changed insolvency norms to speed up process

New Delhi: The Insolvency and Bankruptcy Code (IBC) is in the process of being changed to be effective from the next fiscal to accommodate the fast changing creditor-debtor scenario, according to the Insolvency and Bankruptcy Board of India (IBBI).

The IBBI on Saturday invited comments from stakeholders and the public on making changes to the current regulations notified under the IBC, 2016.

The changes the IBBI is looking are in the regulations under Voluntary Liquidation Process, 2017, Fast Track Corporate Insolvency Resolution Process regulations, 2017, Liquidation Process, 2016, and the Insolvency Resolution Process for Corporate Persons, 2016, among others.

Recent developments like the Supreme Court striking down the Reserve Bank of India's (RBI) circular last year on banks resolving their massive non-performing assets (NPAs or bad loans) has also made a case for review of certain criteria in the overarching laws of IBC," the IBBI said in notice.