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Prepack insolvency resolution: Swiss Challenge options, IBC tweaks on cards

The prepack is to start with a base resolution plan (BRP), which will face a Swiss Challenge; and this should come from the promoters if they are eligible and interested

M S Sahoo | Insolvency and Bankruptcy Code | Indian companies

Raghu Mohan  |  Mumbai 

lenders, creditors, loans, housing, finance, ibc, bankruptcy, home, lending, company, firms, industry, shares, investment
The prepack is to allow 90 days for the submission of a resolution plan (RP) to the adjudicating authority (AA) and 30 days thereafter for the AA to approve or reject it – or 120 days in total

The committee has suggested two options on prepacks — with and without a ‘Swiss Challenge’ — and a quick amendment to the (IBC), preferably by an Ordinance. It is, however, categorical that there shall be no dilution of the provisions of Section 29A of the IBC.



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First Published: Wed, January 06 2021. 06:10 IST