On Tuesday, the government fore-show that to foothold the interest of micro, small and medium enterprises (MSME) will get bifurcated norms for insolvency proceedings.

The bill was passed in Rajya Sabha with one voice. This aims at keep defaulting promoters out of the resolution process of insolvent companies.

The Insolvency Legal Committee has already been looking into this issue as to whether we require a separate set of regulations to deal with them. The Committee has been asked to give the report within 3 months and once the report comes, decision will be made accordingly.

Source: Times of India