Parliament amends IBC to speed up resolution and cut backlog
NEW DELHI: On Wednesday, Parliament passed amendments to the Insolvency and Bankruptcy Code (IBC), aimed at expediting resolutions, decreasing case backlog, and enhancing the financial ecosystem. The Rajya Sabha approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, through a voice vote, having received Lok Sabha approval on March 30. During a brief discussion in the Rajya Sabha, Finance Minister Nirmala Sitharaman remarked that the IBC has positively impacted the health of the Indian banking sector and facilitated asset recovery. Sitharaman, also the Minister of Corporate Affairs, stated that the government accepted all 11 recommendations proposed by a Lok Sabha…