Creditor-initiated insolvency resolution process sets eligibility, approval, notice, and public announcement requirements for corporate debtors. Introduces a new Chapter IV-A providing a creditor-initiated insolvency resolution process for notified categories of corporate debtors, excluding debtors already in insolvency or liquidation and those that recently underwent specified insolvency processes. A notified financial creditor may initiate the process on default after obtaining prior approval from financial creditors holding not less than fifty-one per cent in value, issuing notice to the corporate debtor, considering any representation, and appointing a resolution professional if no disciplinary proceedings are pending. The resolution professional must make a public announcement, report compliance, and the process commences from that announcement date.
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Creditor-initiated insolvency resolution process sets eligibility, approval, notice, and public announcement requirements for corporate debtors.
Introduces a new Chapter IV-A providing a creditor-initiated insolvency resolution process for notified categories of corporate debtors, excluding debtors already in insolvency or liquidation and those that recently underwent specified insolvency processes. A notified financial creditor may initiate the process on default after obtaining prior approval from financial creditors holding not less than fifty-one per cent in value, issuing notice to the corporate debtor, considering any representation, and appointing a resolution professional if no disciplinary proceedings are pending. The resolution professional must make a public announcement, report compliance, and the process commences from that announcement date.
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