Union Budget 2024-25: Union Finance Minister Nirmala Sitharaman has unveiled key proposals in the Union Budget 2024-25 to enhance corporate sector efficiency and streamline debt recovery processes.
Union Budget 2024-25: Integrated Technology Platform for IBC Code
An integrated technology platform will be established to improve outcomes under the Insolvency and Bankruptcy Code (IBC), aiming to streamline and expedite corporate resolution processes.
Expansion of Voluntary LLP Closure Services
The Centre for Processing Accelerated Corporate Exit will expand its services to facilitate the voluntary closure of Limited Liability Partnerships (LLPs), simplifying the exit process for businesses.
Strengthening Debt Recovery Tribunals
To expedite debt recovery, Debt Recovery Tribunals will be strengthened, and additional tribunals will be set up. These measures are designed to improve efficiency and speed in recovering outstanding debts.
These proposals are part of a broader effort to enhance the regulatory framework and support the corporate sector in India.
