Management control during pre-pack insolvency remains with the board but is subject to duties to preserve value and operate as a going concern. Management of the corporate debtor vests in the Board of Directors or partners during the pre-packaged insolvency resolution process, subject to prescribed conditions; they must protect and preserve the debtor's property and manage operations as a going concern. Promoters, members, personnel and partners may exercise contractual and statutory rights, subject to the Chapter's provisions and any prescribed restrictions.
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.
Management control during pre-pack insolvency remains with the board but is subject to duties to preserve value and operate as a going concern.
Management of the corporate debtor vests in the Board of Directors or partners during the pre-packaged insolvency resolution process, subject to prescribed conditions; they must protect and preserve the debtor's property and manage operations as a going concern. Promoters, members, personnel and partners may exercise contractual and statutory rights, subject to the Chapter's provisions and any prescribed restrictions.
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