Invitation of comments from public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016

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..... Invitation of comments from public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016
News and Press Release
Dated:- 9-1-2021

File No. 30/20/2020-Insolvency Section Government of India Ministry of Corporate Affairs Dated: 08th January, 2021 NOTICE Invitation of comments from public on Pre-packaged Insolvency Resolution Process under Insolven .....

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..... cy and Bankruptcy Code, 2016 The experience from implementation of the Insolvency and Bankruptcy Code, 2016 (the Code) including evolution of the ecosystem, stabilisation of the processes, growing jurisprudence has prepared ground to look at new initiatives to further improve the effectiveness of the Code. The efficacy of out-of-court workouts in delivering speedier resolutions provided regulato .....

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..... rs extend the same regulatory exemptions as available to settlements made under the IBC framework was considered and it was felt that Pre-packaged insolvency resolution process (PPIRP) may be introduced under the Code with necessary checks and balances, as an option for resolving insolvency. Government constituted a sub-committee of Insolvency Law Committee (ILC) vide order dated 24.6.2020 to prep .....

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..... are a detailed scheme for implementing pre-pack and prearranged insolvency resolution process. 2. The sub-committee has designed a pre-pack framework within the basic structure of the Insolvency and Bankruptcy Code, 2016, for the Indian market as detailed in their report of October, 2020 (copy enclosed). 3. Public comments are hereby invited on recommendations of Sub-committee of ILC on Pre-pack .....

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..... aged Insolvency Resolution Process. Suggestion/comments, if any, along with brief justification may be submitted online therein at the below mentioned web link by the end of business hours on 22nd January, 2021: https://ibbi.gov.in/webfront/prepack_comment_irp.php 4. Stakeholder may please note that comments should not be sent separately through e-mail or hard copy and should be sent only throu .....

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..... gh the web link created for the purpose. -Sd/- (Rakesh Tyagi) Director, MCA
News - Press release - PIB .....

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