The Ministry of Corporate Affairs (MCA) has set up a committee to look into the possibility of including “pre-packs” under the current insolvency regime to offer faster insolvency resolution under the Insolvency and Bankruptcy Code (IBC).
About:
What is a pre-pack? A pre-pack is an agreement for the resolution of the debt of a distressed company through an agreement between secured creditors and investors instead of a public bidding process.
Global scenario: This system of insolvency proceedings has become increasingly popular in the UK and Europe over the past decade.
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