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Government fast-tracks MSME insolvency
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Synopsis
The promoter of small businesses will be given an opportunity to participate in the resolution process, including submitting a plan.
TNN
(This story originally appeared in
on Apr 01, 2021)NEW DELHI: The Union Cabinet on Wednesday recommended promulgation of an ordinance to fast-track insolvency resolution of micro, small and medium enterprises (MSMEs), a plan that was first announced last year.
The plan involves a prepack insolvency resolution scheme for MSMEs, leaving the promoter in the saddle, while the resolution proposal is finalised. Besides, the promoter of small businesses will be given an opportunity to participate in the resolution process, including submitting a plan. ....

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