IBBI chair calls for reforms to speed insolvency cases and raise recoveries

The Economic Times reports that IBBI chair Jayanti Prasad called for changes to India’s insolvency framework, citing delays, creditor haircuts and the risk of misuse. He urged insolvency professionals to flag cases that may not serve genuine debt resolution and applicants seeking to buy distressed companies to disclose beneficial ownership. At the same event, tribunal president Anupinder Singh Grewal suggested raising the threshold for admitting cases, currently set at claims over ₹1 crore, to perhaps ₹5 crore or ₹10 crore.