Amid a growing perception that India’s three-year-old insolvency resolution system has been less than productive in saving businesses and aiding lenders to recover their assets, the government has amended the Insolvency and Bankruptcy Code (IBC) through an Ordinance to provide for a so-called pre-pack resolution scheme for micro, small and medium enterprises (MSMEs). The scheme, where only the debtor will get to trigger the bankruptcy process, is expected to yield much faster resolution than the extant corporate insolvency resolution process (CIRP) and cut costs. It could also reduce litigation, often triggered by defaulting promoters to retain control of their firms, and help thousands of MSMEs struggling to cope with the havoc wrought by the Covid-19 pandemic. The IBC (Amendment) Ordinance 2021 comes within two weeks of the lifting of a one-year suspension of insolvency proceedings against Covid-related defaults, amid heightened possibilities of a rise in bad loan cases. In this edition of Big Picture, we will analyse the pre-packaged resolution scheme for MSMEs. Joining me on the program today are:

Anchor: Frank Rausan Pereira

Guests:
Anil Goel, Founder & Chairman, @AAAGroup-AG Insolvency Professionals... ///
Ajay Shankar, Former Secretary, GoI... ///
Charan Singh, CEO, EGROW Foundation... /// 
#IBC #MSME #CIRP
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