Govt. May Amend Insolvency Law to Streamline Approvals

The government is changing the rules for companies that can't pay their debts.

Currently, if a company wants to merge with another, they need to get approval from the CCI before other approvals.

Now, the government wants the Competition Commission of India (CCI) to approve plans after they are agreed upon by the creditors.

This change aims to speed up the process and reduce delays, making it easier to help struggling companies and address any competition concerns.

These changes will be presented to the Parliament soon.