The President has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. With a view to introduce a pre-packaged insolvency resolution process for corporate persons classified as MSMEs, ensuring quicker, cost-effective and value maximising outcomes for all the stakeholders in a manner which is least disruptive to the continuity of their businesses and which preserves jobs.
from taxmann.com News https://www.taxmann.com/research/direct-tax-laws/top-story/222330000000021302/govt-takes-ordinance-route-to-amend-ibc-to-include-‘pre-packaged-insolvency-resolution-process’.aspx
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