On April 4^th, 2021, the Insolvency and Bankruptcy Board of India (“IBBI”) notified the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (“Ordinance”) that introduces the Pre-packaged Insolvency Resolution Process (“PPIRP”) for micro, small and medium entities (“MSMEs”). The Ordinance comes into effect from April 4^th, 2021.

Earlier, on March 25^th, 2020, the Government in light of the pandemic stressed economy, had suspended