Union Budget 2024 Live: Finance Minister Nirmala Sitharaman unveils plans to establish an integrated technology platform to enhance the effectiveness of the Insolvency and Bankruptcy Code (IBC).
Voluntary Closure Extension: The scheme for voluntary closure of Limited Liability Partnerships (LLPs) and the Corporate Pre-Application Compliance Extension (C-PACE) will be expanded to include LLPs.
IBC Impact: The IBC has successfully dissolved over 1,000 companies, resulting in direct recoveries amounting to ₹3.3 lakh crore.
Future Enhancements: The government will initiate appropriate amendments to the IBC and establish additional tribunals to streamline the process.
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