New Delhi, Sep 21 : To quicken the pace of stressed asset resolution, the Centre may soon come up with a prepackaged insolvency framework under the Insolvency and Bankruptcy Code (IBC) for large corporates, similar to the one introduced for SMEs. Official sources said that discussion on having a pre-packaged resolution framework for all categories of debtors is being discussed at the highest level and a decision may be taken once state owned bad bank -- National Asset Reconstruction Co. Ltd (NARCL) -- is operationalised. In April, Government operationalised pre-packaged insolvency resolution (PIRP) framework for MSMEs that is based on the 'debtor-in-possession' model which involves a resolution professional monitoring the entire process to ensure transparency. To ensure that the process is not misused by errant promoters, the PIRP framework vests significant consent rights to the financial creditors and also adopts a plan evaluation process akin to Swiss Challenge that retains competitive tension such that promoters propose plans with least impairment to rights and claims of creditors. "Pre-packaged resolution process can accelerate resolutions. apart from removing structural/legal hurdles in IBC, a pre-packaged resolution for large corporates is the way to go, similar to the one being introduced for MSMEs," Emkay Global has said in its analysis based on experts' opinion. PIRP could work for large corporates as well and can quicken the pace of resolution of large stressed assets as well. This could take off from the alternate resolution mechanism allowed by RBI giving powers to creditors to find a solution before appreciating the NCLT. These resolution packages are typically cleared by the NCLT in 2-3 sittings and have been a big success in SMEs. In fact, one circle of SBI could clear nearly 200 resolutions via PIRP. Since NARCL will aggregate the corporate debt and will act as a one-stop shop for buyers, PIRP could be successful under this structure, experts have opined. /IANS