ARTICLE · 06 MAY 2021

Pre Packaged Insolvency Resolution Process: Section 29A(c) And (h) Exemption For Resolution Applicant Or MSME Debtor?

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The insolvency regime of India since its inception has enabled and opened gates for companies facing stress by providing choices of resolution or liquidation to help them meet ends in an organized manner.

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The insolvency regime of India since its inception has enabled and opened gates for companies facing stress by providing choices of resolution or liquidation to help them meet ends in an organized manner. This regime has entered into its second era with a new addition in its arsenal – Pre Packaged Insolvency Resolution Process. On April 4, 2021, the President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, to introduce a Pre-Packaged Insolvency Resolution Process (pre-pack process) under the Insolvency and Bankruptcy Code, 2016 (Code). This law has been introduced to provide an efficient alternative insolvency resolution process for corporate persons classified as micro, small and medium enterprises (MSMEs). With the economic fallout on account of Covid-19, the Government of India has come with several policy measures to provide a cost-effective, swift and value-maximising mechanism for resolving insolvency with minimum disruption

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