Circulars/Notifications Issued By IBBI

1. The Insolvency and Bankruptcy Code (Amendment) Act, 2021

The Insolvency and Bankruptcy Code (Amendment) Act, 2021 ("Act") provides for a pre-packaged insolvency resolution process ("PPIRP") for Micro, Small, and Medium Enterprises. As provided in the Statements and Objectives of the Act, the Micro, Small, and Medium ("MSME") Enterprises sector is critical to the economy considering their significant contribution to our gross domestic product and generation of employment to a sizeable population. It has, therefore, been considered necessary to urgently address the specific requirements of the sector by providing an efficient and alternative framework under the Insolvency & Bankruptcy Code ("I&B Code") for a quicker, cost-effective insolvency resolution process that is least disruptive to the businesses, ensuring, among other objectives, job preservation.