Pre-packaged insolvency eligibility requires MSME status, creditor approval, and strict prior-process conditions for initiation. Eligibility for pre-packaged insolvency resolution process under section 54A extends to micro, small or medium enterprise corporate debtors and, subject to prescribed conditions, to other corporate debtors that have committed default. The debtor must not have undergone or be undergoing specified insolvency processes within the preceding three years, must not be under a liquidation order, and must be eligible to submit a resolution plan under section 29A. Initiation also requires creditor approval, director or partner declarations, and a member or partner resolution, together with disclosure of a base resolution plan and specified documents.
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 eligibility requires MSME status, creditor approval, and strict prior-process conditions for initiation.
Eligibility for pre-packaged insolvency resolution process under section 54A extends to micro, small or medium enterprise corporate debtors and, subject to prescribed conditions, to other corporate debtors that have committed default. The debtor must not have undergone or be undergoing specified insolvency processes within the preceding three years, must not be under a liquidation order, and must be eligible to submit a resolution plan under section 29A. Initiation also requires creditor approval, director or partner declarations, and a member or partner resolution, together with disclosure of a base resolution plan and specified documents.
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