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<h1>Pre-Packaged Insolvency Process: Key IBC Chapters Modified for Unique Procedural Needs, Including Board and Resolution Professional Roles</h1> The pre-packaged insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) applies provisions from Chapters II, III, VI, and VII with modifications. Key references are redefined: 'members of the suspended Board of Directors' refer to current board members unless otherwise ordered; 'resolution professional' refers to the corporate debtor; and terms like 'insolvency commencement date' and 'corporate insolvency resolution process' are adapted to fit the pre-packaged context. Specific sections are cross-referenced to align with the pre-packaged framework, ensuring the process is tailored to its unique procedural requirements.
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