Context: The recent changes to Insolvency and Bankruptcy Code (IBC) framework are a step towards addressing lacuna in its architecture. The code is transitioning from a creditor-centric approach.
Recent changes in the IBC Framework: Brought in a pre-packaged arrangement from Micro, Small and Medium Enterprises (MSMEs).
Critically analyzing the changes:
Advantages of the changes: Both promoters and creditors have strong incentives to go for this option.