Termination of pre-packaged insolvency process requires adjudicating authority order and continuation of avoidance proceedings as applicable. Termination of a pre-packaged insolvency resolution process follows an application by the resolution professional or an intimation of a creditors' decision; the Adjudicating Authority must, within thirty days, terminate the process and provide for continuation of any avoidance or related proceedings. The corporate debtor bears the pre-pack process costs unless an earlier order requires liquidation, in which case the Adjudicating Authority will order liquidation and include pre-pack costs as liquidation costs; such liquidation orders may be appealed for material irregularity or fraud.
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.
Termination of pre-packaged insolvency process requires adjudicating authority order and continuation of avoidance proceedings as applicable.
Termination of a pre-packaged insolvency resolution process follows an application by the resolution professional or an intimation of a creditors' decision; the Adjudicating Authority must, within thirty days, terminate the process and provide for continuation of any avoidance or related proceedings. The corporate debtor bears the pre-pack process costs unless an earlier order requires liquidation, in which case the Adjudicating Authority will order liquidation and include pre-pack costs as liquidation costs; such liquidation orders may be appealed for material irregularity or fraud.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
