Neil Parekh Nimil Rajnikant on Insolvency, Restructuring and Dissolution (Amendment) Bill
The Simplified Insolvency Programme (SIP) was introduced in 2021 as a lifeline during the challenging days of the COVID-19 pandemic. Over the years, the programme has proven its value, offering businesses a faster, simpler and more cost-effective way to restructure their debts or wind up operations. NMP Neil Parekh Nimil Rajnikant said this in Parliament on Tuesday (Jan 7). He added that the proposed changes to the Bill are designed to provide businesses with the tools they need to navigate financial distress while preserving value for creditors. Mr Parekh also raised several clarifications - among them was whether companies with complex ownership structures qualify for the programme. He also asked if there will be financial assistance or subsidies for smaller businesses to help them engage professional advisors such as restructuring specialists or legal counsel during the insolvency process.
The Simplified Insolvency Programme (SIP) was introduced in 2021 as a lifeline during the challenging days of the COVID-19 pandemic. Over the years, the programme has proven its value, offering businesses a faster, simpler and more cost-effective way to restructure their debts or wind up operations. NMP Neil Parekh Nimil Rajnikant said this in Parliament on Tuesday (Jan 7). He added that the proposed changes to the Bill are designed to provide businesses with the tools they need to navigate financial distress while preserving value for creditors. Mr Parekh also raised several clarifications - among them was whether companies with complex ownership structures qualify for the programme. He also asked if there will be financial assistance or subsidies for smaller businesses to help them engage professional advisors such as restructuring specialists or legal counsel during the insolvency process.
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