Which of the following statements is/are correct with reference to the Insolvency and Bankruptcy Code (Amendment) Bill, 2021?

July 29, 2021

Which of the following statements is/are correct with reference to the Insolvency and Bankruptcy Code (Amendment) Bill, 2021?

A. Lok Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021.

B. Lok Sabha has proposed ‘pre-packs’ or Pre-packaged Insolvency Resolution Process (PIRP).

C. Both A & B

D. None of these

Explanation:

Lok Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 and proposed ‘pre-packs’ or Pre-packaged Insolvency Resolution Process (PIRP) as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs).