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Insolvency & Bankruptcy Code Tag

SURANA & SURANA > Posts tagged "Insolvency & Bankruptcy Code"

Pre-Packaged Insolvency Resolution Process – The JOURNEY thus far

PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS

Ms.Chinna Aswathy Abraham Associate, Litigation & Arbitration Practice Business rescue is commonly achieved by sale of the company’s assets while keeping it a going concern, in an attempt to generate more value, as opposed to selling the assets in piecemeal. This is precisely what a pre-packaged insolvency resolution mechanism seeks to achieve. In a pre-pack, “a troubled company and its creditors negotiate an agreement prior to statutory administration procedures, which allows these statutory procedures to be carried out at greater speed.”(1) “It is commonly seen as a hybrid method of corporate rescue, as it combines the advantages of private restructuring with some...

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