Union Budget 2024 |Forming additional tribunals to deal with IBC cases is a welcome move, says Samir Sheth of BDO India

'One of the hindrances to the success of IBC (Insolvency and Bankruptcy Code) was the delays from the judiciary system,' says Samir Sheth.

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024, highlighting the Modi govt 3.0’s priorities across multiple sectors.

The Budget identified the following areas as priorities: productivity and resilience in agriculture, employment & skilling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, and infrastructure.

Here’s how industry stakeholders reacted:

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Samir Sheth, Partner & Head, Deal Advisory Services, Bdo India, Mumbai said, "One of the hindrances to the success of IBC (Insolvency and Bankruptcy Code) was the delays from the judiciary system. Setting up additional tribunals to deal with IBC cases is a welcome step, which will expedite the resolution process."

"While the details are yet to be released, an integrated technology platform will also help in the timely dissemination of information and bring in efficiencies in the IBC processes," he said.

(With Reuters Inputs)

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.