IBC & MSME: 2.0: Pre-Packaged Insolvency Resolution Process
In our last article, “MSME & IBC 1.0:[1] Understanding MSME under the IBC, 2016”, we discussed the MSME Act, the reciprocity between IBC and MSME and the Roleplay so far. In this letter, we will touch base upon the aspect of Pre-Packaged Insolvency Resolution Process under the…
Presenting the Union Budget 2024-25 in the Lok Sabha, Finance Minister Nirmala Sitharaman announced significant measures related to Insolvency and Bankruptcy, aiming at enhancing judicial efficiency and technological integration.
Key highlights include the development of an integrated tech platform, the strengthening of existing tribunals, and the establishment of additional benches of the National Company Law Tribunals…
The Insolvency and Bankruptcy Code, 2016 (IBC), was enacted to streamline insolvency proceedings and ensure timely resolution of corporate distress. However, the COVID-19 pandemic created an extraordinary economic situation, and the Government of India responded with amendments to the IBC, introducing Section 10A. This provision was added to offer temporary relief to businesses struggling due…