New Delhi, March 30 -- The Insolvency and Bankruptcy Code (Amendment) Bill, 2025 passed in the Lok Sabha on Monday. Featuring 12 amendments, the revised legislation introduces significant changes to India's insolvency resolution framework, including new creditor-driven mechanisms, stricter timelines, and provisions for cross-border and group insolvency.

The Bill seeks to amend the Insolvency and Bankruptcy Code (IBC), 2016, with the aim of further streamlining insolvency resolution processes and addressing gaps identified in the existing law. The Code provides a time-bound mechanism for resolving the insolvency of companies and individuals, under which control of the debtor shifts to creditors during the resolution process.

The Bill int...