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of <h1>Section 54C of Insolvency Code: Steps to Start a Pre-Packaged Insolvency Resolution with Key Document Requirements Explained.</h1> Section 54C of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for initiating a pre-packaged insolvency resolution process. A corporate debtor meeting the criteria of Section 54A may apply to the Adjudicating Authority. The application must include specific documents such as a declaration, resolutions, financial creditors' approval, proposed insolvency professional's consent, and relevant financial information. The Adjudicating Authority has 14 days to admit or reject the application, with a provision for rectifying defects within seven days. The process begins upon admission of the application. This section was added by the 2021 Amendment Act.
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