Recognising the differences between micro, small and medium enterprises and larger corporates, the Insolvency and Bankruptcy Board of India (IBBI) has proposed that any firm undergoing insolvency proceedings should disclose its status.
It is proposed to amend Regulation 36 of the CIRP Regulations for making disclosures about the status of the corporate debtor, being registered or not, as a micro, small or medium enterprise in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, the IBBI has said in a recent discussion paper.
It has also proposed that in case available documents with the Resolution Professional, indicates that the corporate debtor falls within the category of MSME, he or she…
