Sub-Committee of Insolvency Law Committee recommended IBC pre-pack framework

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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 on Monday.

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.

The Press Release can be accessed at: https://pib.gov.in/PressReleasePage.aspx?PRID=1703245

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