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of <h1>Pre-Packaged Insolvency Resolution for MSMEs Introduced in 2021 Amendment to Address COVID-19 Financial Distress</h1> The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 was promulgated to address the financial distress caused by the COVID-19 pandemic, particularly affecting micro, small, and medium enterprises (MSMEs) in India. The ordinance introduces a pre-packaged insolvency resolution process tailored for MSMEs, aiming for efficient, cost-effective, and minimally disruptive outcomes. This amendment follows the expiration of a suspension on filing insolvency applications for defaults during the pandemic. It seeks to preserve jobs and ensure business continuity while providing a swift resolution mechanism for MSMEs. The ordinance came into immediate effect upon promulgation by the President.
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