The Insolvency and Bankruptcy Code, 2016

Consideration and approval of resolution plan. (1) The corporate debtor shall submit the base resolution plan, referred to in clause (c) of sub-section (4) of section 54A, to the resolution professional within two days of the pre-packaged insolvency commencement date, and the resolution professional shall present it to the committee of creditors. (2) The committee of […]

Vesting management of corporate debtor with resolution professional. (1) Where the committee of creditors, at any time during the pre-packaged insolvency resolution process period, by a vote of not less than sixty-six per cent. of the voting shares, resolves to vest the management of the corporate debtor with the resolution professional, the resolution professional shall

Committee of creditors. (1) The resolution professional shall, within seven days of the pre-packaged insolvency commencement date, constitute a committee of creditors, based on the list of claims confirmed under clause (a) of sub-section (2) of section 54F: Provided that the composition of the committee of creditors shall be altered on the basis of the updated

Management of affairs of corporate debtor. During the pre-packaged insolvency resolution process period,– (a) the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to such conditions as may be specified; (b) the Board

List of claims and preliminary information memorandum (1) The corporate debtor shall, within two days of the pre-packaged insolvency commencement date, submit to the resolution professional the following information, updated as on that date, in such form and manner as may be specified, namely:– (a) a list of claims, along with details of the respective

Duties and powers of resolution professional during pre-packaged insolvency resolution process. (1) The resolution professional shall conduct the pre-packaged insolvency resolution process of a corporate debtor during the pre-packaged insolvency resolution process period. (2) The resolution professional shall perform the following duties, namely:– (a) confirm the list of claims submitted by the corporate debtor under section

Declaration of moratorium and public announcement during pre-packaged insolvency resolution process. (1) The Adjudicating Authority shall, on the pre-packaged insolvency commencement date, along with the order of admission under section 54C – (a) declare a moratorium for the purposes referred to in sub-section (1) read with sub-section (3) of section 14, which shall, mutatis mutandis apply, to the proceedings under

Time-limit for completion of pre-packaged insolvency resolution process. (1) The pre-packaged insolvency resolution process shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date. (2) Without prejudice to sub-section (1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the

Application to initiate pre-packaged insolvency resolution process. (1) Where a corporate debtor meets the requirements of section 54A, a corporate applicant thereof may file an application with the Adjudicating Authority for initiating pre-packaged insolvency resolution process. (2) The application under sub-section (1) shall be filed in such form, containing such particulars, in such manner and accompanied

Duties of resolution professional before initiation of pre-packaged insolvency resolution process. (1) The insolvency professional, proposed to be appointed as the resolution professional, shall have the following duties commencing from the date of the approval under clause (e) of sub-section (2) of section 54A, namely:– (a) prepare a report in such form as may be specified,