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A panacea for small firm insolvencies? – A critical review of the pre-pack scheme launched in India
International Journal of Law and Management ( IF 1.3 ) Pub Date : 2022-06-28 , DOI: 10.1108/ijlma-08-2021-0192
D. Kavitha

Purpose

To augment the Insolvency and Bankruptcy Code, the Indian Government introduced the pre-packaged insolvency process exclusively for small and medium firms. This paper aims to critically review some of the key features of the process and also identifies potential glitches imminent in the initial years of implementation.

Design/methodology/approach

This study is descriptive and based on secondary data. The provisions of the pre-pack scheme, Insolvency and Bankruptcy Code and reports on the progress of insolvency resolution in India are used to substantiate the observations.

Findings

This study shows that pre-packs would certainly help enhance the small and medium enterprise insolvency resolution process in India. However, the ambitious time frame can be adhered to only if the institutional framework for bankruptcy is strengthened.

Research limitations/implications

This paper is based on the initial regulatory provisions of the pre-pack process. Subsequent changes in regulations may affect the findings.

Practical implications

Some of the concerns in the process and the changes required to facilitate a smooth, speedy and efficient resolution process have been highlighted in this study.

Originality/value

Pre-packs are a very recent introduction to the insolvency regime in India. This paper makes a fervent attempt to explain the pre-pack process and the outcomes that can be expected in the early years after its rollout.



中文翻译:

小公司破产的灵丹妙药?– 对在印度推出的预包装计划进行严格审查

目的

为了完善《破产和破产法》,印度政府专门为中小型公司引入了预先打包的破产程序。本文旨在批判性地审查该过程的一些关键特征,并确定在实施的最初几年即将出现的潜在故障。

设计/方法/方法

这项研究是描述性的,并基于二手数据。预包装计划、《破产和破产法》的规定以及印度破产解决进展的报告被用来证实这些意见。

发现

这项研究表明,预包装肯定有助于加强印度的中小企业破产解决程序。然而,只有加强破产制度框架,才能坚持雄心勃勃的时间表。

研究限制/影响

本文基于预包装流程的初始监管规定。法规的后续变化可能会影响调查结果。

实际影响

本研究强调了该过程中的一些问题以及促进顺利、快速和高效解决过程所需的更改。

原创性/价值

预包装是对印度破产制度的最新介绍。本文热切地尝试解释预包装过程以及在其推出后的最初几年可以预期的结果。

更新日期:2022-06-28
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