President Ramnath Kovind has given his assent to the Insolvency and Bankruptcy Code (amendment) Bill 2021, which was passed by the Parliament in the recently concluded monsoon session. This enactment will now provide the statutory backing for the pre-packaged insolvency resolution process (Pre-Pack) regime for companies classified as micro, small and medium enterprises (MSMEs).
The law will replace the ordinance to this effect promulgated in April.
It is intended as a cost-effective and speedier alternative to the prevailing corporate insolvency process. Today There are over 6.3 crore MSMEs in India, and the segment accounts for nearly half of the countrys total exports thereby becoming the backbone of the nations economy even during th…
Read the full article at: https://www.thehindubusinessline.com/news/national/presidential-assent-for-insolvency-amendment-bill/article35926689.ece