Govt notifies ten lakh rupees as the minimum amount of default for pre-pakaged insolvency resolution

In exercise of the powers conferred by the second proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (3 of 2021), the Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the Pre-packaged Insolvency Resolution Process of corporate debtor under Chapter III-A of the Code.

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