Pre-packaged insolvency enables expedited creditor-approved restructuring with a moratorium and streamlined resolution plan approval. A new Chapter III-A creates a pre-packaged insolvency resolution process for eligible corporate debtors, prescribing strict eligibility criteria, pre-filing creditor approvals, a required base resolution plan and documentary disclosures. The proposed insolvency professional must prepare a compliance report prior to initiation. On admission the Adjudicating Authority declares a moratorium, appoints the resolution professional, and the resolution professional conducts an expedited process: confirming claims, constituting a committee of creditors, preparing information materials, soliciting and evaluating resolution plans, and submitting a committee-approved plan to the Adjudicating Authority for approval under adapted chapter provisions.
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Pre-packaged insolvency enables expedited creditor-approved restructuring with a moratorium and streamlined resolution plan approval.
A new Chapter III-A creates a pre-packaged insolvency resolution process for eligible corporate debtors, prescribing strict eligibility criteria, pre-filing creditor approvals, a required base resolution plan and documentary disclosures. The proposed insolvency professional must prepare a compliance report prior to initiation. On admission the Adjudicating Authority declares a moratorium, appoints the resolution professional, and the resolution professional conducts an expedited process: confirming claims, constituting a committee of creditors, preparing information materials, soliciting and evaluating resolution plans, and submitting a committee-approved plan to the Adjudicating Authority for approval under adapted chapter provisions.
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