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of <h1>Committee of Creditors Can Initiate Corporate Insolvency with 66% Vote Before Resolution Plan Approval Under Section 7</h1> The corporate insolvency resolution process can be initiated by the committee of creditors with a 66% vote after the pre-packaged insolvency commencement date but before the resolution plan approval. Upon notification, the Adjudicating Authority must, within 30 days, terminate the pre-packaged process, initiate the corporate insolvency process, appoint an interim resolution professional, and include pre-packaged costs in the insolvency costs. If the resolution professional does not consent, the Authority will appoint one through the Board. The order is equivalent to an application admission under section 7, commencing the process and continuing related proceedings, with pre-packaged periods included in relevant calculations.
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