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Insolvency regulator IBBI on Friday issued regulations to help operationalise the pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises (MSMEs).
Nearly 5-6 lakh Indian companies classified as MSMEs can potentially benefit from the pre-packaged insolvency resolution process.
PPIRP regulations
The PPIRP Regulations detail the Forms that stakeholders are required to use, and the manner of carrying out various tasks by them as part of the PPIRP, an official release said. These provide details relating to: eligibility to act as resolution professional, and his terms of appointment; eligibility of registered valuers and other professionals; Identification and selection of authorised representative; public announcement and claims of stakeholders; information memorandum; meetings of the creditors and committee of creditors; invitation for resolution plans; competition between the base resolution plan and the best resolution plan; evaluation and consideration of resolution plans; vesting management of corporate debtor with resolution professional; and termination of PPIRP.
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