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of <h1>Section 54N: Insolvency Process Termination Defined; 66% Creditor Approval Needed Before Resolution Plan Completion.</h1> Section 54N of the Insolvency and Bankruptcy Code, 2016, outlines the termination process for pre-packaged insolvency resolution. If a resolution professional files an application under specified sections, the Adjudicating Authority must terminate the process within thirty days and address ongoing proceedings. If the committee of creditors, with a 66% majority, decides to terminate the process before a resolution plan is approved, the Authority must comply. The corporate debtor bears the process costs unless liquidation is ordered, in which case these costs are included in the liquidation expenses. This section was added by the 2021 amendment.
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