Pre-packaged insolvency plan for MSMEs to save jobs: MCA Secy

The government expedited the rollout of the pre-packaged insolvency resolution framework for micro, small and medium enterprises (MSMEs) to preserve jobs, said Rajesh Verma, secretary to the corporate affairs ministry. While the ordinance amending the insolvency law covers only corporate MSMEs, they account for over 60% of all active Indian corporates, Verma told ET. “The employment potential of MSMEs is very large, so job preservation is one