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 ....
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