We are pleased to announce that Rachita R. Bhat, Raunaq Bahadur Mathur, Dhruv Nath, Lakshmi Pradeep and Abhishek Tewari have been designated as retained partners at S&R Associates. We are also pleased to announce that Kanika Khanna has been designated as counsel at the Firm.
The recent amendment to the Insolvency and Bankruptcy Code, 2016 (“IBC”) replaces an ordinance promulgated earlier this year, and provides for a pre-packaged insolvency resolution process (“PIRP”) for micro, small and medium enterprises (“MSMEs”). The PIRP comes in the backdrop of the financial stress caused by COVID-19 and aims to cause minimal disruption to business and to ensure job preservation. While the PIRP is well intended, how effective it will be in resolving stress on corporate debtors in the MSME sector will come down to how it is implemented and if required, fine tuning its design.