Pre-packaged insolvency expands standing to creditors and recently reorganised corporate debtors under amended provisions. Amendment expands applicant standing by recognising the pre-packaged insolvency resolution process as a trigger and by adding that a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged process may apply; it also allows a corporate debtor whose resolution plan was approved under Chapter III-A in the twelve months preceding the application to be an applicant.
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Provisions expressly mentioned in the judgment/order text.
Pre-packaged insolvency expands standing to creditors and recently reorganised corporate debtors under amended provisions.
Amendment expands applicant standing by recognising the pre-packaged insolvency resolution process as a trigger and by adding that a financial creditor or an operational creditor of a corporate debtor undergoing a pre-packaged process may apply; it also allows a corporate debtor whose resolution plan was approved under Chapter III-A in the twelve months preceding the application to be an applicant.
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