PRE PACKED INSOLVENCY MECHANISM UNDER INSOLVENCY AND BANKRUPTCY CODE

Abstract

This research paper attempts to give a quick overview of the rules governing the Pre-Packaged Insolvency Resolution Process, highlighting the deadlines and providing background information on how the National Company Law Appellate Tribunal has so far interpreted the rules. The Insolvency and Bankruptcy Code, 2016 ("IBC") was proclaimed with a goal to unite and change the regulations connecting with the redesign and bankruptcy goal of corporate people, organization firms, and people in a period-bound way. IBC has gone through numerous revisions since its proclamation and different inquiries have been addressed by the Hon'ble High Court in this way welcoming clarity on the arrangements of IBC. It has been over and over explained that IBC is focused on expanding the corporate people's worth of resources, adjusting the interests of the multitude of partners and that it's anything but a course of recuperation. Likewise, the statute on different parts of the IBC is developing as we compose this and continue to compose increasingly more on IBC.