New Delhi: Pre-packaged corporate insolvency resolution plan will help expedite resolution process for stressed assets as well as reduce the number of insolvency-related cases before the National Company Law Tribunal (NCLT), according to experts. The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution framework. An insolvency resolution has to be approved by NCLT.
As part of efforts to fast-track processing of cases, the government has been mulling introduction of the provision for pre-packaged (pre-pack) corporate insolvency resolution plan wherein a restructuring plan would be agreed upon in advance between the company and its creditors.
Last year, the corporate affairs ministry sought comments on …
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