ENA MSME 2021-07-26 11:48:47 <p><strong>New Delhi, Jul 26 (KNN)</strong> Union Finance Minister Nirmala Sitharaman on Monday introduced Insolvency and Bankruptcy Code (Amendment) Bill 2021 in Lok Sabha amid opposition ruckus over various issues.</p> <p>On April 4, 2021, President Ram Nath Kovind, promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 to offer an alternate bankruptcy resolution scheme for Micro, Small and Medium Enterprises (MSMEs).</p> <p>Generally, under a pre-packaged process, main stakeholders such as creditors and shareholders come together to identify a prospective buyer and negotiate a resolution plan before approaching the National Company Law Tribunal (NCLT).</p> <p>All resolution plans under the IBC need to be approved by NCLT.</p> <p>The minimum payment default threshold to avail of this scheme is Rs 10 lakh.</p> 27116 https://knnindia.co.in/news/newsdetails/msme/ibc-amendment-bill-2021-for-alternate-bankruptcy-resolution-scheme-for-msmes-moved-in-lok-sabha 2021-07-26 11:48:47 knnindia.co.in