Question
What is the maximum default amount eligible under
Pre-Packaged Resolution process? Read the following passage and answer the next 4 question (Q11 to Q14):- There is a need to strengthen the insolvency resolution process. The Insolvency and Bankruptcy Board of India (IBBI) must swiftly finalise the code of conduct for the committee of creditors (CoC), mainly in banks. The code is meant to provide clarity on the scope of the responsibilities of the CoC. It adds another layer of oversight, given that banks are already regulated by the RBI and public sector bankers are also under the purview of the Prevention of Corruption Act. The draft norms that cover disclosure of any conflict of interest, not acquiring any assets of the corporate debtor and adhering to bankruptcy code timelines are fine. Robust enforcement must go hand in hand. Source: Economic timesSolution
Pre-Packaged Insolvency Resolution Process ( PPIRP) In recognition of the role of MSMEs and to offer them some respite from the economic challenges due to COVID-19, a pre-packaged insolvency resolution process (PPIRP) was introduced by the Ministry of Law and Justice, GOI, by way of the Insolvency and Bankruptcy Code (Amendment) Act, 2021 dated April 4, 2021. Chapter III-A, sections 54A to 54P was introduced in Part II of IBC. Applicability • Corporate Debtor to be classified as a micro, small or medium enterprise (MSME) under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006 Threshold • Default amount is 10 lakhs, not be more than one crore rupees. For defaults of higher amounts, the MSME would have to initiate the corporate insolvency resolution process ("CIRP") under the Insolvency and Bankruptcy Code, 2016 (CIRP can be initiated with minimum 1 lakh default amount) Timeline
- The PIRP is required to be completed within a period of 120 days from the Pre-Packaged Insolvency Commencement Date (under CIRP time is 180 days with mandatory 330 days limit)
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