Rajya Sabha has passed the Insolvency and Bankruptcy Code (IBC) Amendment Bill, 2021. Here are four key highlights of the amendment.
The Rajya Sabha passed the amendment to the Insolvency and Bankruptcy Code (IBC), 2016 targeted towards simplification of insolvency procedure for micro, small and medium enterprises (MSMEs). This follows the repeal of the same ordinance which was promulgated in April earlier this year.
The highlights of the bill are
1. Introduction of Pre-Package Insolvency Resolution Process
The new bill introduces Pre-package Insolvency Resolution Process (PIRP) apart from the Corporate Insolvency Resolution Process (CIRP). For this purpose, the bill inserts a whole new chapter (III A) into IBC. PIRP is where the corporate d…
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