Insolvency and Bankruptcy Code (Amendment) Bill 2021

On 28th J8uly, 2021, the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was passed by the Lok Sabha.

  • It amends the Insolvency and Bankruptcy Code, 2016.
  • The Bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which was promulgated on April 4, 2021, whereby a pre-packaged resolution process for stressed micro, small and medium enterprises (MSMEs) was introduced under the Code.

Key Features

  • The Bill introduces an alternate insolvency resolution process for micro, small, and medium enterprises (MSMEs), called the pre-packaged insolvency resolution process (PIRP).Unlike CIRP, PIRP may be initiated only by debtors.During PIRP, the management of the company will remain ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy September 2021 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

Economy Watch