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
Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…