Voluntary liquidation of corporate persons Section 59: Voluntary liquidation of corporate persons. *59. (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. (2) The voluntary liquidation of a corporate person under sub-section (1) shall meet such conditions … Read more

Applicability of Chapter II to this Chapter Section 58: Applicability of Chapter II to this Chapter. *58. The process for conducting a corporate insolvency resolution process under Chapter II and the provisions relating to offences and penalties under Chapter VII shall apply to this Chapter as the context may require.

Manner of initiating fast track corporate insolvency resolution process Section 57: Manner of initiating fast track corporate insolvency resolution process. *57. An application for fast track corporate insolvency resolution process may be filed by a creditor or corporate debtor as the case may be, along with— (a) the proof of the existence of default as … Read more

Time period for completion of fast track corporate insolvency resolution process Section 56: Time period for completion of fast track corporate insolvency resolution process. *56. (1) Subject to the provisions of sub-section (3), the fast track corporate insolvency resolution process shall be completed within a period of ninety days from the insolvency commencement date. (2) … Read more

Fast track corporation insolvency resolution process Section 55: Fast track corporation insolvency resolution process. *55. (1) A corporate insolvency resolution process carried out in accordance with this Chapter shall be called as fast track corporate insolvency resolution process. 1(2) An application for fast track corporate insolvency resolution process may be made in respect of the … Read more

Application of provisions of Chapters II, III, VI, and VII to this Chapter Section 54P: Application of provisions of Chapters II, III, VI, and VII to this Chapter. 1[54P. (1) Save as provided under this Chapter, the provisions of sections 24, 25A, 26, 27, 28, 29A, 32A, 43 to 51, and the provisions of Chapters … Read more

Termination of pre-packaged insolvency resolution process Section 54N: Termination of pre-packaged insolvency resolution process. 1. 54N. (1) Where the resolution professional files an application with the Adjudicating Authority, — a) under the proviso to sub-section (12) of section 54K; or b) under sub-section (3) of section 54D, the Adjudicating Authority shall, within thirty days of … Read more

Appeal against order under section 54L Section 54M: Appeal against order under section 54L. 1[54M. Any appeal from an order approving the resolution plan under sub-section (1) of section 54L, shall be on the grounds laid down in sub-section (3) of section 61.]

Approval of resolution plan Section 54L: Approval of resolution plan. 1. 54L. (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) or sub-section (12) of section 54K, as the case may be, subject to the conditions provided therein, meets the requirements as referred … Read more

Consideration and approval of resolution plan Section 54K: Consideration and approval of resolution plan. 1[54K. (1) The corporate debtor shall submit the base resolution plan, referred to in clause (c) of sub-section (4) of section 54A, to the resolution professional within two days of the pre-packaged insolvency commencement date, and the resolution professional shall present … Read more