Expand small business insolvency model to big corporations too: RBI

The Reserve Bank of India (RBI) has called for extending the ‘pre-packaged’ insolvency resolution process to large borrowers. The pre-packaged process requires a majority of creditors to accept a deal before approaching the insolvency court and is focused primarily on resolution. The central bank has also said that a group resolution framework is required in India for corporates to improve the efficacy of the Insolvency and Bankruptcy Code (IBC).