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.
Refund can not be denied on the ground that it was claimed in a return filed u/s 148 where no…
The distinction between religious and charitable purposes is determined by institution's primary or dominant object and not merely by presence…
For determination of what constitutes a fit case to issue notice u/s 148, rule of relevancy of the material and…
AO is under an obligation to duly consider the explanation furnished by the assessee and assign reasons for rejecting the…
CBIC issues SoP for clearance of imported goods through Foreign Post Offices under Postal Import Regulations, 2025. Standard Operating Procedure…
Sale deed executed with full knowledge of only part consideration paid, cannot be rendered void or inoperative merely for non…