Pre-packaged insolvency: streamlined creditor-led initiation requiring debtor submission of a base resolution plan and creditor approvals. Pre-packaged insolvency resolution process (PPIRP) provides a creditor-driven insolvency route for eligible corporate debtors, restricted to MSME-classified entities or others meeting conditions like absence of recent PPIRP/CIRP, non-liquidation, and eligibility to submit a resolution plan. It mandates prior creditor support: non-related financial creditors must propose and approve the insolvency professional and approve filing by prescribed threshold; where no such creditors exist, specified alternatives apply. The debtor must deliver a director/partner declaration, a special resolution, and a base resolution plan meeting prescribed requirements before seeking approvals, and regulatory rules govern notices, forms, appointment terms, pre-pack timeline, and allowable pre-pack costs.
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.
Pre-packaged insolvency: streamlined creditor-led initiation requiring debtor submission of a base resolution plan and creditor approvals.
Pre-packaged insolvency resolution process (PPIRP) provides a creditor-driven insolvency route for eligible corporate debtors, restricted to MSME-classified entities or others meeting conditions like absence of recent PPIRP/CIRP, non-liquidation, and eligibility to submit a resolution plan. It mandates prior creditor support: non-related financial creditors must propose and approve the insolvency professional and approve filing by prescribed threshold; where no such creditors exist, specified alternatives apply. The debtor must deliver a director/partner declaration, a special resolution, and a base resolution plan meeting prescribed requirements before seeking approvals, and regulatory rules govern notices, forms, appointment terms, pre-pack timeline, and allowable pre-pack costs.
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