Initiation of insolvency process: committee may convert pre-pack into CIRP by specified supermajority, prompting adjudicating authority action. The committee of creditors may, after the pre-pack commencement date but before approval of the pre-pack plan, by the required supermajority vote, resolve to initiate a corporate insolvency resolution process for an eligible corporate debtor. On intimation, the Adjudicating Authority must within thirty days terminate the pre-pack, initiate CIRP, appoint the nominated resolution professional as interim resolution professional subject to consent (or seek the Board's recommendation if consent is not given), include pre-pack costs as insolvency resolution process costs, treat its order as an admission, continue avoidance proceedings, and treat the pre-pack commencement date as the insolvency commencement date for relevant purposes.
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Provisions expressly mentioned in the judgment/order text.
Initiation of insolvency process: committee may convert pre-pack into CIRP by specified supermajority, prompting adjudicating authority action.
The committee of creditors may, after the pre-pack commencement date but before approval of the pre-pack plan, by the required supermajority vote, resolve to initiate a corporate insolvency resolution process for an eligible corporate debtor. On intimation, the Adjudicating Authority must within thirty days terminate the pre-pack, initiate CIRP, appoint the nominated resolution professional as interim resolution professional subject to consent (or seek the Board's recommendation if consent is not given), include pre-pack costs as insolvency resolution process costs, treat its order as an admission, continue avoidance proceedings, and treat the pre-pack commencement date as the insolvency commencement date for relevant purposes.
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