• Priya Yadav
• Dr. Komal

The spread of Covid-19 pandemic has affected the economies of all countries since January, 2020. All the nations were forced to take measure like lockdown, restriction on international movement and other measures to contain the spread of Coronavirus. The pandemic has impacted negatively on the global economy, putting enterprises in practically every jurisdiction under financial stress. India was no exception to this. Indian government also imposed a nationwide lockdown on March 24, 2020. The lockdown has impacted all the businesses in India which resulted into huge financial losses to these micro, small and medium scale businesses. The unprecedented spread of this pandemic has impacted every sector in the country, having a major impact on the economy and employment of the country. However, the most visible victims of this lockdown have been Micro Small Medium Enterprises, who have faced the imminent threat of going out of business, due to the nature of these businesses. Due to non- operation of business activities most of the owners are not able to meet the working capital requirements of running the organization. As a result, in order to assuage their fears, the government took some steps to strengthen them, and in the same process, certain laws were recently enacted after corporate entities an effective alternative to the resolution process, particularly for micro, small, and medium enterprises, with the amendment of the Insolvency and Bankruptcy Code, 2016. Its purpose is to provide a method for resolving bankruptcy that is cost-effective, rapid, and maximises value while causing the least amount of disruption to business operations as feasible. To make the pre-pack procedure more operational, the Central Government and the Indian Insolvency and Bankruptcy Board have issued notifications, rules, and regulations. Also Finance Minister Smt. Nirmala Sitharaman has made several announcements in this regard during her budget speech for the year 2022.

Insolvency and Bankruptcy Code, Corporate Insolvency Resolution Process, Micro, Small and Medium Enterprises, Insolvency Resolution Professional and Resolution Plan.

"UNDERSTANDING THE PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS FOR MICRO, SMALL AND MEDIUM ENTERPRISES.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 1, page no.838-847, January-2021, Available :http://www.jetir.org/papers/JETIR2101321.pdf

"UNDERSTANDING THE PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS FOR MICRO, SMALL AND MEDIUM ENTERPRISES.", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 1, page no. pp838-847, January-2021, Available at : http://www.jetir.org/papers/JETIR2101321.pdf