Budget 2022 expectations: The Union budget session is expected to start on Jan. 31 and Union Finance Minister Nirmala Sitharaman will present the budget on Feb. 1, the Parliamentary Affairs Ministry said in a statement on Friday, Jan. 14. This year, among many other key decisions, the government is likely to pass the amendment to the Insolvency and Bankruptcy Code amid calls from MSMEs to make the case. According to reports, the IBC is set to see a boost, where measures to speed up case resolution will be taken alongside a cross-border insolvency framework. This comes as Indian micro, small and medium enterprises have been facing problems for more than five years now.
The MSME sector in India has its list of demands ready and the Federation of Indian Micro, Small and Medium Enterprises (FISME) has called on the government to amend the IBC. Based on this, the Indian government invited the public to comment on the implementation of the changes in the legislation.