https://www.taxtmi.com/news?id=23924 The Ordinance inserts Chapter III A to introduce a pre-packaged insolvency resolution process for corporate debtors that are micro, small or medium enterprises, subject to eligibility conditions including creditor approvals, management declarations, a member/partner resolution and submission of a base resolution plan. The insolvency professional approved by specified financial creditors must report on eligibility and the base plan; the Adjudicating Authority must admit or reject applications within 14 days; the process must conclude within 120 days with moratorium, committee of creditors oversight, 66% voting thresholds for key decisions, potential conversion to full CIRP, and specified penalties for fraudulent or false information. en-us Mon, 05 Apr 2021 09:43:12 +0530 Wed, 11 Feb 2026 15:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23924 The Ordinance inserts Chapter III A to introduce a pre-packaged insolvency resolution process for corporate debtors that are micro, small or medium enterprises, subject to eligibility conditions including creditor approvals, management declarations, a member/partner resolution and submission of a base resolution plan. The insolvency professional approved by specified financial creditors must report on eligibility and the base plan; the Adjudicating Authority must admit or reject applications within 14 days; the process must conclude within 120 days with moratorium, committee of creditors oversight, 66% voting thresholds for key decisions, potential conversion to full CIRP, and specified penalties for fraudulent or false information. News - Mon, 05 Apr 2021 09:43:12 +0530 https://www.taxtmi.com/news?id=23924