The Government constituted a sub-committee of Insolvency Law Committee (ILC) vide order dated 24^th June, 2020 under the chairmanship of Dr. M. S. Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI) to make recommendation on pre-pack insolvency resolution process (PPIRP).

This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Lok Sabha today.

The sub-committee has recently submitted its report to the Government, which is available on the website of IBBI (www.ibbi.gov.in), thereby recommending a pre-pack framework within the basic structure of the Insolvency and Bankruptcy Code (IBC), 2016.

Pre-pack insolvency framework recommended for integration into the Insolvency and Bankruptcy Code, guiding future implementation. A sub-committee of the Insolvency Law Committee recommended adoption of a pre-pack insolvency resolution process within the structural ambit of the Insolvency and Bankruptcy Code, submitting a report that proposes a procedural model enabling expedited, negotiated resolutions for eligible corporate debtors while operating inside the IBC's core provisions to preserve value and facilitate corporate restructuring.