{"id":247012,"date":"2021-04-12T19:26:30","date_gmt":"2021-04-12T13:56:30","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=247012"},"modified":"2021-04-12T19:26:30","modified_gmt":"2021-04-12T13:56:30","slug":"insolvency-and-bankruptcy-board-of-india-pre-packaged-insolvency-resolution-process-regulations-2021-ppirp-regulations-comes-into-force","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/12\/insolvency-and-bankruptcy-board-of-india-pre-packaged-insolvency-resolution-process-regulations-2021-ppirp-regulations-comes-into-force\/","title":{"rendered":"Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) comes into force"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insolvency and Bankruptcy Board has notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 on April 9, 2021. The regulation provides the operationalisation of the pre-pack process, its initiation, cost and termination for micro, small and medium enterprises (MSMEs). It also provides various operational aspects, ranging from the eligibility of resolution professionals to the invitation and submission of resolution plans for stressed MSMEs. They state the details and manner with respect to the following:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Eligibility of a resolution professional, and his terms of appointment.<\/li>\n<li>Eligibility of registered valuers and other professionals.<\/li>\n<li>Identification and selection of authorised representative.<\/li>\n<li>Public announcement and claims of stakeholders.<\/li>\n<li>Information memorandum.<\/li>\n<li>Meetings of the creditors and committee of creditors.<\/li>\n<li>Invitation for resolution plans.<\/li>\n<li>Competition between the base resolution plan and the best resolution plan.<\/li>\n<li>Evaluation and consideration of resolution plans.<\/li>\n<li>Vesting management of corporate debtor with resolution professional.<\/li>\n<li>Termination of PIRP.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has put this story together.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board has notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 on April <\/p>\n","protected":false},"author":121,"featured_media":157104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-247012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) comes into force | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/12\/insolvency-and-bankruptcy-board-of-india-pre-packaged-insolvency-resolution-process-regulations-2021-ppirp-regulations-comes-into-force\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) comes into force\" \/>\n<meta property=\"og:description\" content=\"The Insolvency and Bankruptcy Board has notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 on April\" \/>\n<meta property=\"og:url\" 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13, 2021","format":false,"excerpt":"On August 12, 2021, the Central Government has notified the Insolvency and Bankruptcy Code Amendment Act, 2021 which has brought Pre-packaged Insolvency Resolution Process for MSMEs. The Act repeals Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 and amends the provisions of IBC Act, 2016. It shall be deemed to have\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251517,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/20\/pre-packs-for-msmes-a-positive-step-with-implementation-hurdles\/","url_meta":{"origin":247012,"position":1},"title":"Pre-Packs for MSMEs: A Positive Step with Implementation Hurdles","author":"Bhumika Indulia","date":"July 20, 2021","format":false,"excerpt":"by Tariq Khan\u2020 Cite as: 2021 SCC OnLine Blog Exp 59","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-112.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-112.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-112.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-112.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-112.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":251348,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/16\/registered-professional-to-appoint-two-registered-valuers-to-determine-fair-value-and-liquidation-value-of-the-corporate-debtor\/","url_meta":{"origin":247012,"position":2},"title":"Registered Professional to appoint two registered valuers to determine fair value and liquidation value of the corporate debtor","author":"Bhumika Indulia","date":"July 16, 2021","format":false,"excerpt":"On July 14, 2021, the Insolvency and Bankruptcy Board of India makes the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021 further to amend the Insolvency and\u00a0 Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.\u00a0 In the Insolvency\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":255018,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/01\/ibbi-insolvency-resolution-process-for-corporate-persons-third-amendment-regulations-2021\/","url_meta":{"origin":247012,"position":3},"title":"IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2021","author":"Bhumika Indulia","date":"October 1, 2021","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India made Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)(Third Amendment) Regulations, 2021 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 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