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of <h1>Corporate Debtor's Board Must Manage Assets, Protect Value During Pre-Packaged Insolvency; Requires Committee Approval for Major Deals.</h1> During the pre-packaged insolvency resolution process, the management of a corporate debtor remains with its Board of Directors or partners, who must protect the debtor's property value and manage operations as a going concern. They must adhere to contractual and statutory obligations, subject to specified conditions. The corporate debtor is prohibited from managing affairs detrimentally to creditors or fraudulently and requires committee approval for significant transactions. Monthly reports, prepared with a resolution professional, must detail legal proceedings, key contracts, and other impactful matters. The resolution professional can request operational information, inspect assets, and review compliance and litigation details.
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