Union Budget 2024: Changes will be made to IBC to strengthen tribunals

Finance Minister Nirmala Sitharaman announced changes to the Insolvency and Bankruptcy Code (IBC) and strengthening of tribunals in the Budget speech. She proposed an integrated technology platform to enhance outcomes under the Code, an increase in debt recovery tribunals, and the development of a digital public infra application for productivity and innovation. The IBC has resolved over 1,000 cases, resulting in Rs 3.3 lakh crore to creditors, with Rs 10.2 lakh crore defaults settled since 2016.