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of <h1>MSMEs Can Apply for Pre-Packaged Insolvency if No Prior Process in 3 Years; 66% Creditor Approval Needed</h1> Corporate debtors classified as micro, small, or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006, can apply for a pre-packaged insolvency resolution process. Eligibility requires that the debtor has not undergone such a process in the last three years, is not currently in insolvency proceedings, and is not under liquidation orders. The debtor must be eligible to submit a resolution plan, and financial creditors representing at least 66% of the debt must approve the insolvency professional appointment. Directors or partners must declare the intent to file within 90 days, and members must pass a special resolution for the application.
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