Sub-Committee of Insolvency Law Committee
On 8th March, 2021, the Sub-committee of Insolvency Law Committee (ILC) submitted its report to the Government and recommended a pre-pack framework within the basic structure of the Insolvency and Bankruptcy Code (IBC), 2016.
Background
- In June 2020, the Government constituted a sub-committee of Insolvency Law Committee (ILC) under the chairmanship of Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) to make recommendation on pre-pack insolvency resolution process (PPIRP).
Key Recommendations
- PPIRP framework should be within the basic structure of the insolvency code as an additional option for a resolution that blends both formal and ....
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