Pre-packaged insolvency process: creditor-approved, time-bound mechanism for expedited corporate resolution and plan approval. A new Chapter III-A provides a pre-packaged insolvency resolution process permitting eligible corporate debtors to seek creditors' approval and file a PPIRP application with an approved insolvency professional; creditors holding at least sixty-six percent in value must approve nomination and filing, a base resolution plan must be provided, the Adjudicating Authority must admit or reject applications within prescribed timelines, a moratorium and appointment of the resolution professional follow admission, the process must complete within 120 days with specified duties and powers for the resolution professional, committee-led selection and approval of resolution plans with sixty-six percent voting thresholds apply, and mechanisms for termination, conversion to CIRP and application of other insolvency provisions are prescribed.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Pre-packaged insolvency process: creditor-approved, time-bound mechanism for expedited corporate resolution and plan approval.
A new Chapter III-A provides a pre-packaged insolvency resolution process permitting eligible corporate debtors to seek creditors' approval and file a PPIRP application with an approved insolvency professional; creditors holding at least sixty-six percent in value must approve nomination and filing, a base resolution plan must be provided, the Adjudicating Authority must admit or reject applications within prescribed timelines, a moratorium and appointment of the resolution professional follow admission, the process must complete within 120 days with specified duties and powers for the resolution professional, committee-led selection and approval of resolution plans with sixty-six percent voting thresholds apply, and mechanisms for termination, conversion to CIRP and application of other insolvency provisions are prescribed.
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