The Insolvency & Bankruptcy Code (IBC) and Debt Recovery:

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Let's delve into the recent announcements made by Finance Minister Nirmala Sitharaman regarding the Insolvency & Bankruptcy Code (IBC) and debt recovery:


1. Integrated Technology Platform:

   - The government plans to establish an integrated technology platform to enhance outcomes under the IBC.


   - This platform aims to streamline processes, improve transparency, and expedite insolvency proceedings.


2. Strengthening Debt Recovery Tribunals (DRTs):


   - Debt Recovery Tribunals play a crucial role in resolving financial disputes and recovering dues.


   - The government will strengthen existing DRTs to ensure efficient resolution of cases.


3. Additional Tribunals:

   - In addition to strengthening existing DRTs, new tribunals will be established.


   - These additional tribunals will further accelerate the recovery process.


Overall, these measures are geared toward enhancing the efficiency of debt recovery mechanisms and promoting a healthier financial ec

osystem. 📊💼🏛️.



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