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ARTICLE · 29 MAY 2023

Pre-Packaged Insolvency Resolution Process (PPIRP) - Section 54a – Pre Packaged IRP For MSME

LEGALLANDS LLP
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An optimum law would enable the restructuring and survival of struggling but sustainable enterprises, along with the efficient liquidation of struggling and non-sustainable enterprises.

IndiaInsolvency/Bankruptcy/Re-Structuring
Legal Lands LLP
Legal Lands LLP
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An optimum law would enable the restructuring and survival of struggling but sustainable enterprises, along with the efficient liquidation of struggling and non-sustainable enterprises. The legislation must further assure candour, integrity, effectiveness, and, especially punctuality, as they have substantial repercussions on the distribution of credit risk as well as risk mitigation in the banking industry, and hence significantly affect the availability of finance and its affordability.

 The Insolvency and Bankruptcy Code governs insolvency procedures in India. The legislation, which went into effect in 2016, attempts to govern, standardize and expedite the insolvency processes that will be initiated within the nation. This is a result of the legislature's attempts to assure debt recovery and is focused on addressing gaps left by the earlier statutes such as RDBFI 1935 and SARFESI 2002.

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