Pre-pack insolvency approvals require meetings of unrelated financial creditors, prescribed notice, and approval of resolution professional terms. Financial creditors who are not related parties must be convened for approvals connected with initiation of the pre-packaged insolvency resolution process. Notice of the meeting must generally be served at least five days in advance, specify the meeting particulars, and enclose the creditor list and amounts due. Eligible financial creditors may propose insolvency professionals, and approvals for appointment terms and for filing the application must be taken in the prescribed format. If there is no financial debt or all financial creditors are related parties, the process shifts to operational creditors.
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.
Pre-pack insolvency approvals require meetings of unrelated financial creditors, prescribed notice, and approval of resolution professional terms.
Financial creditors who are not related parties must be convened for approvals connected with initiation of the pre-packaged insolvency resolution process. Notice of the meeting must generally be served at least five days in advance, specify the meeting particulars, and enclose the creditor list and amounts due. Eligible financial creditors may propose insolvency professionals, and approvals for appointment terms and for filing the application must be taken in the prescribed format. If there is no financial debt or all financial creditors are related parties, the process shifts to operational creditors.
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