Pre-packaged insolvency time-limits: resolution plan due within 90 days and process completed within 120 days.

The pre-packaged insolvency resolution process must be completed within 120 days of the pre-packaged insolvency commencement date. The resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under the specified subsections of section 54K within 90 days of the pre-packaged insolvency commencement date. If no resolution plan is approved within that 90-day period, the resolution professional must file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process on the day after the period expires.

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