Vesting management of corporate debtor with resolution professional Section 54J: Vesting management of corporate debtor with resolution professional. 1[54J. (1) Where the committee of creditors, at any time during the pre-packaged insolvency resolution process period, by a vote of not less than sixty-six per cent. of the voting shares, resolves to vest the management of … Read more

Management of affairs of corporate debtor Section 54H: Management of affairs of corporate debtor. 1[54H. During the pre-packaged insolvency resolution process period,— (a) the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to … Read more

List of claims and preliminary information memorandum Section 54G: List of claims and preliminary information memorandum. 1[54G. (1) The corporate debtor shall, within two days of the pre-packaged insolvency commencement date, submit to the resolution professional the following information, updated as on that date, in such form and manner as may be specified, namely:— (a) … Read more

Duties and powers of resolution professional during pre-packaged insolvency resolution process Section 54F: Duties and powers of resolution professional during pre-packaged insolvency resolution process. 1[54F. (1) The resolution professional shall conduct the pre-packaged insolvency resolution process of a corporate debtor during the pre-packaged insolvency resolution process period. (2) The resolution professional shall perform the following … Read more

Declaration of moratorium and public announcement during pre-packaged insolvency resolution process Section 54E: Declaration of moratorium and public announcement during pre-packaged insolvency resolution process. 1[54E. (1) The Adjudicating Authority shall, on the pre-packaged insolvency commencement date, along with the order of admission under section 54C – (a) declare a moratorium for the purposes referred to … Read more

Time-limit for completion of pre-packaged insolvency resolution process Section 54D: Time-limit for completion of pre-packaged insolvency resolution process. 1[54D. (1) The pre-packaged insolvency resolution process shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date. (2) Without prejudice to sub-section (1), the resolution professional shall submit the … Read more

Application to initiate pre-packaged insolvency resolution process Section 54C: Application to initiate pre-packaged insolvency resolution process. 1. 54C. (1) Where a corporate debtor meets the requirements of section 54A, a corporate applicant thereof may file an application with the Adjudicating Authority for initiating pre-packaged insolvency resolution process. (2) The application under sub-section (1) shall be … Read more

Duties of resolution professional before initiation of pre-packaged insolvency resolution process Section 54B: Duties of resolution professional before initiation of pre-packaged insolvency resolution process. 1[54B. (1) The insolvency professional, proposed to be appointed as the resolution professional, shall have the following duties commencing from the date of the approval under clause (e) of sub-section (2) … Read more

Corporate debtors eligible for pre-packaged insolvency resolution process Section 54A: Corporate debtors eligible for pre-packaged insolvency resolution process. 1. 54A. (1) An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, … Read more

Dissolution of corporate debtor Section 54: Dissolution of corporate debtor. *54. (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order … Read more