Pre-packaged insolvency resolution process initiation requires prescribed application, supporting approvals, and admission by authority within set timelines. Initiation of the pre-packaged insolvency resolution process requires a corporate applicant to file a prescribed application with the Adjudicating Authority, accompanied by the application fee and evidence of corporate and financial creditor approval. The filing must include the corporate authorisation, the proposed resolution professional's consent and report, a declaration on potentially avoidable or fraudulent transactions, and books of account and other specified documents. The Adjudicating Authority has 14 days to admit or reject the application and must allow seven days to cure defects before rejecting. The pre-pack process commences from the date of admission.
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 resolution process initiation requires prescribed application, supporting approvals, and admission by authority within set timelines.
Initiation of the pre-packaged insolvency resolution process requires a corporate applicant to file a prescribed application with the Adjudicating Authority, accompanied by the application fee and evidence of corporate and financial creditor approval. The filing must include the corporate authorisation, the proposed resolution professional's consent and report, a declaration on potentially avoidable or fraudulent transactions, and books of account and other specified documents. The Adjudicating Authority has 14 days to admit or reject the application and must allow seven days to cure defects before rejecting. The pre-pack process commences from the date of admission.
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