Pre-Packaged Deals In India

Owing to COVID-19, the Government, in an attempt to mitigate the predicaments of companies, decided to suspend the Insolvency and Bankruptcy Code, 2016. The subject of suspension of the IBC gained more impetus when clarification was issued on June 5th, 2020, as an ordinance. Section 10A, which essentially suspended the effect of Sections 7, 8, and 10 for a year, was inserted. The Coronavirus crisis has been a catalyst that led to this development, as the rationale was to protect the interests of the Micro, Small, and Medium Enterprises.

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