News > Govt introduces a Bill in the Lok Sabha to amend insolvency law

Govt introduces a Bill in the Lok Sabha to amend insolvency law

Business Standard | 27/07/2021 03:58 PM | Click to read full article

The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.

The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.