Corporate insolvency resolution process restoration requires committee approval, continued resolution professional duties, and supporting application documents. A corporate insolvency resolution process may be restored before liquidation, with the committee given an opportunity to seek restoration and the resolution professional continuing duties until the application is decided by the Adjudicating Authority. If restoration is approved by the committee, the resolution professional must file the application supported by a certified committee resolution, a brief note of reasons, and a proposed timeline for completion of the restored process.
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.
Corporate insolvency resolution process restoration requires committee approval, continued resolution professional duties, and supporting application documents.
A corporate insolvency resolution process may be restored before liquidation, with the committee given an opportunity to seek restoration and the resolution professional continuing duties until the application is decided by the Adjudicating Authority. If restoration is approved by the committee, the resolution professional must file the application supported by a certified committee resolution, a brief note of reasons, and a proposed timeline for completion of the restored process.
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