The Centre has promulgated an ordinance amending the Insolvency and Bankruptcy Code to introduce pre-packaged insolvency for MSMEs. Under the change, a firm prepares a restructuring plan in coordination with creditors before formal insolvency proceedings start. The goal is to reduce delays and overall costs by front-loading negotiations and speeding up resolution.
The government has issued an ordinance amending the Arbitration and Conciliation Act, 1996. A key change scraps the Act’s 8th Schedule, which previously laid out qualification requirements for accrediting arbitrators. The move shifts how arbitrator accreditation and compliance will be handled going forward, reshaping the legal framework that governs arbitration appointments and standards.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Swipe through stories, personalise your feed, and save articles for later — all on the app.
