Pre-Packaged Deals in Insolvency and Bankruptcy Code
The Ministry of Corporate Affairs (MCA) has set up a committee to look into the possibility of including “pre-packs” to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC).
- Since the start of the year 2019, the Government has been planning to introduce the concept of Pre-Package Insolvency Schemes in the Indian Insolvency & Bankruptcy Code (IBC).
- Now due to COVID-19, the businesses all over the country have faced the worst hit since the global economic slowdownof 2008-2009 and it is imperative that the Government should chalk out a more concrete plan for the implementation of this system.
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