https://www.taxtmi.com/acts?id=39800 A new Chapter III-A provides a pre-packaged insolvency resolution process permitting eligible corporate debtors to seek creditors' approval and file a PPIRP application with an approved insolvency professional; creditors holding at least sixty-six percent in value must approve nomination and filing, a base resolution plan must be provided, the Adjudicating Authority must admit or reject applications within prescribed timelines, a moratorium and appointment of the resolution professional follow admission, the process must complete within 120 days with specified duties and powers for the resolution professional, committee-led selection and approval of resolution plans with sixty-six percent voting thresholds apply, and mechanisms for termination, conversion to CIRP and application of other insolvency provisions are prescribed. en-us Mon, 05 Apr 2021 11:45:52 +0530 Wed, 07 Apr 2021 10:39:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=39800 A new Chapter III-A provides a pre-packaged insolvency resolution process permitting eligible corporate debtors to seek creditors' approval and file a PPIRP application with an approved insolvency professional; creditors holding at least sixty-six percent in value must approve nomination and filing, a base resolution plan must be provided, the Adjudicating Authority must admit or reject applications within prescribed timelines, a moratorium and appointment of the resolution professional follow admission, the process must complete within 120 days with specified duties and powers for the resolution professional, committee-led selection and approval of resolution plans with sixty-six percent voting thresholds apply, and mechanisms for termination, conversion to CIRP and application of other insolvency provisions are prescribed. Act-Rules F. Acts / Amendment Acts Mon, 05 Apr 2021 11:45:52 +0530 https://www.taxtmi.com/acts?id=39800