Mumbai: The Pre-packaged Insolvency Resolution Process (PPIRP) has resulted in the full settlement of operational creditors‘ claims in five cases.
They are – Amrit India, Sudal Industries, Shri Rajasthan Syntex, Enn Tee International and GCCL Infrastructure and Projects.
The government enacted the Insolvency and Bankruptcy Code (IBC) in August 2021 and introduced the PPIRP for micro, small and medium enterprises. According to the newsletter of the Insolvency and Bankruptcy Board of India (IBBI), these five cases resulted in a 25% realisation.
The concept of pre-packaged insolvency involves the debtor and its creditors negotiating and agreeing on a resolution plan before initiating the formal insolvency process.
“In any functional unit, apar…
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