New Delhi: India’s bankruptcy playbook is set for its biggest rewrite since the Insolvency and Bankruptcy Code (IBC) came into force in 2016. The IBC (Amendment) Bill 2025 – tabled in the Lok Sabha on Tuesday by finance and corporate affairs minister Nirmala Sitharaman and referred to a select committee – proposes to shift much of corporate debt resolution from crowded courtrooms to boardroom tables.

       The Bill outlines a creditor-led, largely out-of-court insolvency process for quick rescue, faster tribunal timelines, a new framework for group insolvencies and cross-border bankruptcies, and clearer rules on the priority of government dues. It also marks a big departure from the current regime by allowing management of bankrupt companies to continue running day-to-day operations under the watch of a resolution professional.

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       New Delhi: Prime minister Narendra Modi on Monday spoke to Ukrainian president Volodymyr Zelenskyy and reiterated India’s position for a peaceful settlement of the conflict and support for efforts aimed at restoring peace at the earliest. Zelenskyy, however, raised the issue of how Russian energy exports are helping Moscow to keep the war going.

       “We also discussed in detail the sanctions against Russia. I noted that it is necessary to limit the export of Russian energy, particularly oil, to reduce its potential and ability to finance the continuation of this war. It is important that every leader who has tangible leverage over Russia sends the corresponding signals to Moscow," Zelenskyy said in a post on X.

       India and the US are already at loggerheads over the import of Russian oil. US President Donald Trump has imposed 25% tariffs on India for buying Russian energy, taking the total duty to 50%. The additional tariffs are aimed at cutting Russia's oil revenues and forcing it into a ceasefire. The new rate will come into effect on 27 August.

       Also Read | Zelensky speaks to PM Modi, proposes meeting in September

       India, however, has maintained that its imports are based on market factors along with the objective of ensuring energy security. In a statement on 6 August, the ministry of external affairs described the tariffs as “unfair, unjustified and unreasonable".

       Russia has emerged as the top oil supplier to India since the West barred the procurement of Russian energy in 2022, prompting Moscow to offer deep discounts. Russian oil now comprises about 36% of India's total oil imports compared to 2.5% before the start of the war in February 2022.

       On 2 August, Mint reported that India continues to buy oil from Russia notwithstanding the punishing penalty.

       Also Read | JD Vance on Ukraine-Russia peace deal: ‘Both sides likely to be unhappy’

       Meanwhile, Zelenksyy also said: "I had a long conversation with the Prime Minister of India @narendramodi. We discussed in detail all important issues – both of our bilateral cooperation and the overall diplomatic situation. I am grateful to the Prime Minister for his warm words of support for our people."

       In a post on X, prime minister Modi said: “Glad to speak with President Zelenskyy and hear his perspectives on recent developments. I conveyed India’s consistent position on the need for an early and peaceful resolution of the conflict. India remains committed to making every possible contribution in this regard, as well as to further strengthening bilateral ties with Ukraine."

       An official statement from the Prime Minister's Office said that President Zelenskyy shared his views on recent developments in Ukraine.

       Also Read | Zelensky warns against Russia-US deal without Ukraine at August 15 summit

       "Prime Minister thanked President Zelenskyy and reaffirmed India’s steadfast and consistent position for peaceful settlement of the conflict and support for efforts aimed at earliest restoration of peace. PM reiterated India’s commitment to extend all possible support in this regard," said the statement.

       During the conversation, they also reviewed progress in the India-Ukraine bilateral partnership and discussed ways to further enhance cooperation in areas of mutual interest and agreed to remain in touch.