Quick Summary
The Government constituted a sub-committee of Insolvency Law Committee (ILC) vide order dated 24th June, 2020 under the chairmanship of Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) to make recommendation on pre-pack insolvency resolution process (PPIRP).
This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.
The sub-committee has recently submitted its report to the Government, which is available on the website of IBBI (www.ibbi.gov.in), thereby recommending a pre-pack framework within the basic structure of the Insolvency and Bankruptcy Code (IBC), 2016.
FAQ :
The sub-committee has recommended a pre-pack insolvency resolution process (PPIRP) framework.
The sub-committee was chaired by Dr. M. S. Sahoo, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI).
The sub-committee was constituted by the government via an order dated 24th June, 2020.
The report is available on the website of the Insolvency and Bankruptcy Board of India (IBBI) at www.ibbi.gov.in.
No, the recommendation is for a pre-pack framework within the basic structure of the existing Insolvency and Bankruptcy Code (IBC), 2016.
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