Rule-making power for pre-pack insolvency: prescribes forms, approval procedures, fees and duties for resolution process.

The amendment to section 240 confers detailed rule-making authority to prescribe forms, manners, conditions, persons and duties required to operationalise the pre-packaged insolvency resolution process, including specification of other costs tied to the definition in section 5, and procedural requirements for approving and appointing insolvency professionals, obtaining creditor approvals and declarations, preparing reports and information memoranda, confirming and maintaining lists of claims, inviting and evaluating resolution applicants, altering committee composition, terminating the pre-pack process, and determining and allocating fees and expenses under sections 54A-54K and 54-O.

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