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Changes to insolvency law approved by Rajya Sabha

A bill to amend the Insolvency and Bankruptcy Code paving the way for pre-packaged insolvency resolution for small and medium enterprises recieved Parliament’s nod. Rajya Sabha gave its nod to the bill, cleared by Lok Sabha on July 28, which will replace the ordinance promulgated in April this year. “Prepack is cost effective and time barred and therefore very suitable for MSME,” finance minister Nirmala Sitharaman said responding to the discussion on the bill in the upper house, which was passed by voice vote in din amid protests from opposition members over snooping issue and farm laws. Sitharaman said that this a bill coming while keeping situation in mind that MSMEs require a lot of help post the pandemic. “This will help them… we have increased the threshold, and come up with a pre pack solution,” she said adding that there is an inadequacy of existing options and by this there will a better way in which MSMEs can seek to have a solution.

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