Management control during pre-pack insolvency remains with the board but is subject to duties to preserve value and operate as a going concern. Management of the corporate debtor vests in the Board of Directors or partners during the pre-packaged insolvency resolution process, subject to ... Summary
Insolvency and Bankruptcy Code (Amendment) Act, 2021
Management control during pre-pack insolvency remains with the board but is subject to duties to preserve value and operate as a going concern.
Management of the corporate debtor vests in the Board of Directors or partners during the pre-packaged insolvency resolution process, subject to prescribed conditions; they must protect and preserve the debtor's property and manage operations as a going concern. Promoters, members, personnel and partners may exercise contractual and statutory rights, subject to the Chapter's provisions and any prescribed restrictions.
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