India may settle for a pre-packaged insolvency regime which is NCLT-facilitated and not entirely outside of the courts purview, said Sudhaker Shukla, whole-time member, IBBI. This is unlike the process in advanced jurisdictions like the UK, where the pre-packs are outside the court process.
A pre-packaged insolvency is an agreement between secured creditors and investors in lieu of public bidding. This statement comes even as the IBBI studies the best practices of pre-packs in various developed countries, including the UK.
Likely framework
Addressing a webinar on pre-packs organised by the IBBI and British High Commission, Shukla did not indicate by when India will have the pre-pack regime, but said that regulator was grappling with 10-…
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