Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations 2021
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4thApril, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises.
The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) to enable operationalisation of PPIRP.
The PPIRP Regulations detail the Forms that stakeholders are required to use, and the manner of carrying out various tasks by them as part of the PPIRP. These provide details and manner relating to:
(a) Eligibility to act as resolution professional, and his terms of appointment;
(b) Eligibility of registered valuers and other professionals;
(c) Identification and selection of authorised representative;
(d) Public announcement and claims of stakeholders;
(e) Information memorandum;
(f) Meetings of the creditors and committee of creditors;
(g) Invitation for resolution plans;
(h) Competition between the base resolution plan and the best resolution plan;
(i) Evaluation and consideration of resolution plans;
(j) Vesting management of corporate debtor with resolution professional;
(k) Termination of PPIRP
The PPIRP Regulations come into force from 9th April, 2020
Download Regulations Click Here >>
- Declaration of additional income by increasing the WIP was not proper – ITAT
- Cash payment for purchase of land or property not violation of 269SS or 269T
- Excel Utility for ITR-1 and ITR-4 available for e-filing for AY 2026-27
- Mediclaim amount not deductible from MACT award under medical expenses – SC
- ITAT jurisdiction is decided by location of AO passing the impugned order
 Regulations 2021){kind=link}