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Pre-Packaged Insolvency Resolution Process Framework – A Leap Forward - Insolvency/Bankruptcy/Re-structuring

1. Introduction Covid-19 related stress severely impacted all aspects of the Indian economy including the nascent insolvency regime under the Insolvency and Bankruptcy Code, 2016 ( Code ). The financial stability report ( FSR ) of December 2020 released by the Reserve Bank of India ( RBI ) predicts a sharp rise in the gross non-performing assets of banks by September 2021 1. The FSR predicts uncertainty in the economic recovery path although it assures that the worst is behind. Needless to say, economic recovery is impossible without resolution of bad debts and especially Covid-19 defaults. Consequently, the report of sub-committee of Insolvency Law Committee on the pre-packaged insolvency resolution process (

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