ENA MSME 2021-11-26 11:43:01 <p><strong>New Delhi, 26 Nov (KNN)</strong> The Ministry of Corporate Affairs has brought in an exclusionary recommendation of critical financial service providers such as banks and insurance company from the applicability of cross-border insolvency provisions under the fresh draft it floated outlining legal framework of such matters, as per a news by Economic Times.</p> <p>It has stated that the proposed norms would not be applicable to newly introduced pre-packaged insolvency resolution process deals with small and micro (MSMEs) companies.</p> <p>The Ministry has also suggested that all benches of National Company Law Tribunal and Debt Resolution Tribunal may have jurisdiction to adjudicate all such applications.</p> <p>It is also seeking public comments on draft cross-border insolvency framework under Insolvency and Bankruptcy Code (IBC) by 15th December, 2021.</p> <p>According to the feedback received, the government will proceed with bill for amendment of IBC in the winter session from 29th November.</p> 27751 https://knnindia.co.in/news/newsdetails/msme/centre-suggests-exclusion-of-insurance-companies-from-cross-border-insolvency-provisions-not-applicable-to-pre-pack-process-for-msmes 2021-11-26 11:43:01 knnindia.co.in