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of <h1>MSMEs can start a pre-packaged insolvency resolution if they meet criteria, including creditor approval and section 29A eligibility.</h1> Corporate debtors classified as micro, small, or medium enterprises (MSMEs) under the Micro, Small and Medium Enterprises Development Act, 2006, can initiate a pre-packaged insolvency resolution process (PPIRP) if they meet specific criteria. These include not having undergone a PPIRP or completed a corporate insolvency resolution process (CIRP) in the last three years, not being under a liquidation order, and being eligible to submit a resolution plan under section 29A. The process requires approval from financial creditors, who must represent at least 66% of the financial debt, and involves providing a base resolution plan and other necessary documentation.
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