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of <h1>Pre-Packaged Insolvency: Initiating Process under Section 54C of IBC with Form 1 and Required Documents</h1> The the procedure for initiating a pre-packaged insolvency resolution process under Section 54C of the Insolvency and Bankruptcy Code (IBC). A corporate debtor meeting Section 54A criteria can file an application with the Adjudicating Authority. The application, filed in Form 1 with a 15,000 fee, must include specific documents such as resolutions, creditor approvals, insolvency professional consent, and declarations regarding transactions. The Adjudicating Authority has 14 days to admit or reject the application, allowing rectification of defects within 7 days. The process begins upon application admission.
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