The future phases would cover a default above Rs 1 crore, followed by Rs 1 to Rs 1 lakh
Topics
MCA|Insolvency and Bankruptcy Code|Coronavirus Vaccine
The Ministry of Corporate Affairs has proposed a framework for prepackaged insolvency resolution process that may be implemented in phases to give priority to Covid-related defaults for which the corporate insolvency resolution mechanism is not available and defaults that are anywhere between Rs 1 lakh and Rs 1 crore.
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to …
Read the full article at: https://www.business-standard.com/article/economy-policy/mca-proposes-pre-packaged-insolvency-resolution-process-for-covid-defaults-121010900043_1.html
