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The Institute of Chartered Accountants of India (ICAI) has presented its detailed suggestions to the Parliamentary Select Committee examining the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, which seeks to strengthen and streamline India's insolvency resolution framework. The Select Committee, chaired by BJP MP Baijayant Panda, is reviewing the proposed amendments introduced in the Lok Sabha on August 12, 2025. The ICAI, representing a large segment of insolvency professionals in the
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FAQ :
It is a proposed amendment to India's insolvency law, aiming to strengthen and streamline the insolvency resolution framework by introducing reforms like out-of-court settlements and group insolvency.
The Parliamentary Select Committee, chaired by BJP MP Baijayant Panda, is reviewing the proposed amendments.
ICAI represents a significant portion of insolvency professionals in India, with around 60% of registered professionals being Chartered Accountants. They have provided comprehensive recommendations to improve the IBC.
Key reforms include an out-of-court settlement framework, group and cross-border insolvency provisions, reduced delays in admitting applications, expanded definitions for resolution plans, and decriminalisation of procedural lapses.
The proposed changes aim to reduce delays, maximise value for all stakeholders, and improve governance under the Insolvency and Bankruptcy Code.
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