The proposals include enhanced documentation such as GST records, asset details, liabilities, litigation status, and regulatory compliances. These also streamline withdrawal under section 12A by mandating CoC approval, fixed timelines, and bank guarantees for CIRP costs. The proposed framework expands the scope of persons required to cooperate with resolution professionals, introduces mechanisms for transfer of guarantor assets to enable value maximization, and formalizes deemed appointment of resolution professionals with defined communication timelines. It clarify that guarantor liabilities remain unaffected by resolution plans and introduce provisions for restoration of CIRP in limited cases, as well as enabling direct dissolution of defunct entities. It also proposes a two stage approval mechanism for resolution plans to prevent delays caused by distribution disputes.