Insolvency Law Committee

The Insolvency Law Committee (ILC) is a group formed in India to review and improve the country's insolvency laws. It aims to address issues faced by businesses and individuals who cannot repay their debts. The committee examines existing laws, gathers opinions from stakeholders, and suggests reforms to make the insolvency process faster, fairer, and more efficient. By doing so, the ILC helps ensure that creditors are treated fairly while providing struggling debtors a chance to reorganize or settle their obligations, ultimately supporting the overall stability of the economy.