IBC overhaul: Parliament panel seeks advance ruling system; can these fixes speed up resolutions?

A parliamentary panel has proposed significant reforms to India’s insolvency framework, advocating for an advance ruling mechanism to provide pre-admission clarity and reduce litigation. The committee also backed integrating mediation and a transparent ‘no dues’ certificate system for revitalized companies. Stricter penalties for frivolous appeals and enhanced NCLT capacity were also recommended to streamline the resolution process.

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