Page 3 - தேசிய நிறுவனம் சட்டம் தீர்ப்பாயங்கள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Welcome Move for Pre-Packed Resolution April 8, 2021, 11:27 PM IST Quick takes, analyses and macro-level views on all contemporary economic, financial and political events. The government has done well to allow pre-packaged insolvency resolution plans for micro, small and medium enterprises (MSMEs) with defaults up to ₹1 crore. This debtor-initiated reorganisation plan in advance with creditors on board will give MSMEs a chance to rehabilitate themselves, rather than get liquidated. And those that cannot be restored would have their assets efficiently redeployed. Essentially, pre-packs underline the fundamental purpose of the Insolvency and Bankruptcy Code (IBC): swiftly bring back into a productive framework assets trapped in failing companies, rather than help banks and vendors recover their dues. Speed is vital when a company goes into distress to better the chances of its turnaround as a going concern. So, the time limit of 120 days

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