UPSC Practice recommends Make pre-packaged resolution not scary.
The pre-packaged insolvency resolution process (PIRP), a debtor-initiated reorganisation plan in advance with creditors on board, has reportedly not found many takers. That is unfortunate. PIRPs give MSMEs a window to rebuild themselves, leading to speedy deployment of assets trapped in failing companies, and preserves jobs.
Courtesy: ET Editorial-Opinion-Economic Times