New Delhi, April 1 -- India is amending its Insolvency and Bankruptcy Code (IBC). The revised law will include a new provision for corporate revival under the incumbent management but supervised by its financial creditors, authorize the government to frame rules for group and overseas insolvencies subject to some conditions, limit the arbitrary power of liquidators and grant creditors greater say in cases of liquidation.

It also aims to tie up loose ends that were being used to subvert conservation of the value of an insolvent firm's assets.

The highlight of this exercise is the novel path it lays out for cases where a company defaults on debt for reasons unrelated to managerial incompetence or ill-intent. Management control need not be...