While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said that the services of the Centre for Processing Accelerated Corporate Exit (C-PACE) will be extended for voluntary closure of LLPs to reduce the closure time.

“The IBC has resolved more than 1,000 companies, resulting in direct recovery of over Rs 3.3 lakh crore to creditors. In addition, 28,000 cases involving over Rs 10 lakh crore have been disposed of, even prior to admission,” the Finance Minister in the Budget Speech said.

Appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Additional tribunals will be established. Out of those, some will be notified to decide cases exclusively under the Companies Act.

The steps for reforming and strengthening debt recovery tribunals will be taken. Additional tribunals will be established to speed up recovery.