13-04-2021 | 15:35 PM
Insolvency and Bankruptcy Code Amendment Ordinance, 2021
The President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, which aims to provide an efficient alternative insolvency resolution process for the corporate persons classified as MSMEs.
The ordinance allows the corporate debtor to submit a “base resolution plan” to the resolution professional.
Chapter III-A has been introduced to the Insolvency and Bankruptcy Code, 2016 under the amendment.
It explains the initiation of the resolution, duties of resolution professionals and eligibility to take the benefits of pre-packaged insolvency resolution processes, etc.
