The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was passed by the Lok Sabha on July 28 and by the Rajya Sabha on 3rd August. Main features of the Bill👇
Pre-pack for MSMEs which blends elements & virtues of both formal and informal insolvency proceedings Under the pre-pack process, a resolution plan is negotiated between the debtors & creditors before formal proceedings start. This combines efficiency, speed cost effectiveness & flexibility with the binding effect of a formal process. Minimum threshold default of Rs.10 lakh …
