Introduction
On August 23, 2024, the Insolvency and Bankruptcy Board of India (IBBI) introduced a discussion paper proposing crucial amendments to the IBBI(Corporate Insolvency Resolution Process) Regulations, 2017 (CIRP Regulations). These amendments are designed to simplify and enhance the resolution process for Micro, Small, and Medium Enterprises (MSMEs), recognizing their vital contribution to the Indian economy.
Key Proposed Amendments
- MSME Status Disclosure in Information Memorandum: The proposed amendments require that the Information Memorandum (IM) prepared by the resolution professional must now include explicit details about the corporate debtor’s registration status as a micro, small, or medium enterprise….
