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of <h1>Pre-packaged insolvency resolution under IBC must be completed in 120 days; plan submission due in 90 days.</h1> The pre-packaged insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, must be completed within 120 days from its commencement date. Within this period, the resolution professional is required to submit the approved resolution plan to the Adjudicating Authority within 90 days. If the committee of creditors does not approve a resolution plan within this timeframe, the resolution professional must apply for termination of the process immediately after the deadline. This provision was added by the Insolvency and Bankruptcy Code (Amendment) Act, 2021, effective from April 4, 2021.
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