Govt amends IBC, introduces pre-packaged resolution process for MSMEs

Govt amends IBC, introduces pre-packaged resolution process for MSMEs
The amendment allows the Centre to notify the minimum amount of default value, not more than Rs 1 crore, for pre-packaged insolvency resolution process.
BusinessToday.In | April 5, 2021 | Updated 14:59 IST
The government had last year suspended fresh insolvency proceedings for six months from March 25. The suspension was extended twice by three months.
The government on Sunday amended the Insolvency and Bankruptcy Code, 2016 by promulgating an Ordinance to provide pre-packaged resolution for micro, small and medium enterprises (MSMEs).
The amendment allows the Centre to notify the minimum amount of default value, not more than Rs 1 crore, for pre-packaged insolvency resolution process.

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