Pre Packaged Insolvency Resolution Package for corporate debtor classified as MSME
Pre Packaged Insolvency Resolution Package for corporate debtor classified as MSME. The Government has notified the Insolvency and Bankruptcy Code (Amendment) Act, 2021 w.e.f. 4th April 2021. to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code).
A new Chapter III-A has been inserted to provide that an application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006.
The amendments aims to provide an efficient alternative insolvency resolution framework for corporate persons classified as micro, small and medium enterprises (MSMEs) under the Code, for ensuring quicker, cost-effective and value maximising outcomes for all the stakeholders, in a manner which is least disruptive to the continuity of MSMEs businesses and which preserves jobs. The initiative is based on a trust model and the amendments honour the honest MSME owners by trying to ensure that the resolution happens and the company remains with them.
A bald statement recorded during survey would not in itself be a foundation for any addition - ITAT In a…
ICAI issued Guidelines for responding to Tenders by Chartered Accountants The ICAI has issued Tender guidelines to Chartered Accountants for…
Empanelment to act as ICAI exam observers for January 2027 CA Examination. Last date to apply is 20.11.2026 Empanelment of…
No arrest under GST- Major decision taken in 57th Meeting of the GST Council on 8th October 2026 PRESS RELEASE…
A subsequent Apex Court ruling on the substantive issue cannot retrospectively make an act done in compliance of a binding…
Interest payment on mobilisation advance to NHAI not liable for deduction of tax at source u/s 194A - ITAT Interest…