Struggling firms handed lifeline as Government extends Covid insolvency rules – Business Live

Struggling businesses have been handed additional assistance after the Government extended changes to insolvency laws that were brought in during the pandemic. In response to the coronavirus pandemic and the resulting lockdown measures, the Government introduced the Corporate Insolvency and Governance (CIG) Act to bring in new tools to give struggling firms “the time they…

Govt amends insolvency law; introduces pre-packaged resolution for MSMEs – Business Standard

Seeking to provide a quicker and value-maximising outcome for stressed MSMEs, the government has introduced a pre-packaged resolution process for such enterprises by amending the insolvency law. Now, Micro, Small and Medium Enterprises (MSMEs) can seek resolution for their stress through the pre-packaged process under the Insolvency and Bankruptcy Code (IBC). An ordinance was promulgated…

Pre-pack insolvency for MSMEs now a reality – BusinessLine

The Centre has taken the Ordinance route to introduce pre-packaged insolvency resolution process (pre-pack) for companies classified as micro, small and medium enterprises (MSMEs). India has 6-7 lakh companies that are classified as MSMEs, which could potentially benefit from the newly-introduced pre-packaged insolvency framework. A pre-packaged insolvency in the Indian framework context is an arrangement…