TaxTMI 
TaxTMI 
Corporate debtors eligible for pre-packaged insolvency resolution process [ Section 54A ]
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....ion 54G((1)(b). [ Section 5(23A) ] * Pre-packaged insolvency resolution process costs means-- * a the amount of any interim finance and the costs incurred in raising such finance; * b the fees payable to any person acting as a resolution professional and any expenses incurred by him for conducting the pre-packaged insolvency resolution process during the pre-packaged insolvency resolution process period, subject to section 54F(6); * c any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern pursuant to an order under of section 54J(2); * d any costs incurred at the expense of the Government to facilitate the prepackaged insolvency resolution process; and * e any other c....
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....on plan under section 29A; * (e) the financial creditors of the corporate debtor, not being its related parties, representing such number and such manner as may be specified, have proposed the name of the insolvency professional to be appointed as resolution professional for conducting the pre-packaged insolvency resolution process of the corporate debtor, and * the financial creditors of the corporate debtor, not being its related parties, representing not less than 66%. in value of the financial debt due to such creditors, have approved such proposal in such form as may be specified: * Provided that where a corporate debtor does not have any financial creditors, not being its related parties, the proposal and approval under this cl....
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....the approval under this sub-section shall be provided by such persons as may be specified. * Providing Base Resolution Plan alongwith special resolution to financial creditor [ Section 54A(4) ] * Prior to seeking approval from financial creditors under section 54A(3), the corporate debtor shall provide such financial creditors with - * (a) the declaration referred to in clause (f) of section 54A(2); * (b) the special resolution or resolution referred to in clause (g) of section 54A(2); * (c) a base resolution plan which conforms to the requirements referred to in section 54K, and such other conditions as may be specified; and * (d) such other information and documents as may be specified. Approvals by financial creditors - Re....