The Insolvency and Bankruptcy Board of India (IBBI) has introduced draft regulations to streamline the insolvency resolution process, allowing financial creditors holding at least 51% of a defaulting firm's debt to initiate proceedings. This new Creditor-initiated Insolvency Resolution Process (CIIRP) requires the defaulting firm to respond to creditors' notices within 30 days. The proposed changes aim to significantly reduce the resolution timeline from 330 days to 150 days, with an extension of 45 days if necessary. The corporate debtor will retain management during this period, ensuring business continuity. Stakeholders have until April 28 to provide feedback on the draft regulations, which are part of a broader effort to implement amendments to the Insolvency and Bankruptcy Code (IBC) that received presidential assent on April 6. Experts have noted that while the CIIRP framework enhances creditor control and expedites processes, it raises concerns about governance and accountability that must be addressed. The IBBI's proposals also include updates on various insolvency processes to align with the latest IBC amendments.