TMI BlogCorporate debtors eligible for pre-packaged insolvency resolution processX X X X Extracts X X X X X X X X Extracts X X X X ..... for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006). (2) Without prejudice to sub-section (1), an application for initiating pre-packaged insolvency resolution process may be made in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ducting 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 sixty-six per cent. 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 cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution, or at least three-fourth of the total number of partners, as the case may be, of the corporate debtor have passed a resolution, approving the filing of an application for initiating pre-packaged insolvency resolution process. (3) The corporate debtor shall obtain an approval from its financial creditors, not being its related parties, representing not less than sixty-six per cent. in val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns as may be specified; and (d) such other information and documents as may be specified. ] ************ NOTES:- 1. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2021 w.e.f. 04-04-2021 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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