India's insolvency framework may undergo significant changes with proposed amendments to the Insolvency and Bankruptcy Code (IBC). The new Creditor Initiated Insolvency Resolution Process (CIIRP) will allow certain defaulting promoters to retain control of their companies during the resolution process, a shift from the traditional creditor-in-control model. This approach aims to enable quicker resolutions, capped at 150 days with a possible 45-day extension, compared to the current 330-day limit under the existing Corporate Insolvency Resolution Process (CIRP). The role of Asset Reconstruction Companies (ARCs) is expected to expand, as they will help consolidate debts and facilitate creditor coordination, which is essential for achieving the 51% voting threshold needed for resolution decisions. The proposed changes are timely, considering the economic pressures from supply chain disruptions due to the West Asia conflict, and they aim to align the interests of promoters and creditors more effectively.