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Insolvency and Bankruptcy Code Amendment Ordinance, 2021

The President of India, Shri Ram Nath Kovind recently promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. The ordinance will allow pre-packaged insolvency resolution process for MSMEs. The Pre-packaged Insolvency Resolution Process is called PIRP. About the Ordinance The ordinance introduces a pre-packaged insolvency resolution process for corporate persons classified as MSMEs under the ..

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Amendments to Insolvency and Bankruptcy Code

The Rajya Sabha has passed the amendments to the Insolvency and Bankruptcy Code aimed at faster decision-making in the case of bankrupt entities such as property developers, which have a large number of creditors, including homebuyers. Amendments Proposed The amendment retroactively clarifies an IBC provision to put the committee of creditors (CoC) in driver’s seat. ..

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