Key Points
India is looking to offer pre-packaged insolvency resolution process (PIRP) to bigger companies as part of large-scale changes to the Insolvency and Bankruptcy Code likely in the Monsoon session of Parliament...
The changes to the IBC will be based on the discussion paper floated by the ministry of corporate affairs in January which mooted Fast Track Corporate Insolvency (FIRP) through which corporate debtors of a company can choose to opt for a resolution process outside the judicial process...
During Covid-19 outbreak, the government allowed debtors classified as micro, small and medium enterprises (MSMEs) to avail PIRP scheme to alleviate the disruption caused by IBC proceedings..
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