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ARTICLE · 06 MAY 2021

Overview Of Pre-Packaged Insolvency Resolution Process – Part 1

Dhir & Dhir Associates
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The instant article is divided into two parts; part one highlights the notable features of the Pre-packaged Insolvency Resolution Process whereas part two demonstrates the step-wise process.

IndiaInsolvency/Bankruptcy/Re-Structuring
Amir Ali Bavani
Amir Ali Bavani
Rhea Jayakumar
Rhea Jayakumar
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The instant article is divided into two parts; part one highlights the notable features of the Pre-packaged Insolvency Resolution Process whereas part two demonstrates the step-wise process.

BACKGROUND

In an effort to ease the difficulties faced by micro, small or medium enterprises ('MSMEs') in the aftermath of the tumultuous past year, the Ministry of Law and Justice by way of an Ordinance dated 04.04.2021 amended the Insolvency and Bankruptcy Code, 2016 ('IBC/the Code') to introduce pre-packaged insolvency resolution process exclusively for MSMEs as defined under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006.  Pre-packaged insolvency resolution process ('PPIRP') is regulated by Chapter III-A of Part II of IBC [Sections 54A-58] read with Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021 ('Regulations') and Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process)

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