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of <h1>Understanding Pre-Packaged Insolvency: Key Steps and Penalties Under Section 54G and Section 77A of IBC</h1> The procedures and legal implications under the Pre-Packaged Insolvency Resolution Process for corporate debtors, as per Section 54G of the Insolvency and Bankruptcy Code (IBC). It mandates that corporate debtors submit a list of claims and a preliminary information memorandum to the resolution professional within two days of the insolvency commencement date. The memorandum must include creditor details and relevant information for a resolution plan. Failure to provide accurate information can result in liability for promoters, directors, or partners, with penalties including imprisonment and fines under Section 77A. Individuals can seek compensation for losses due to misleading information.
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