Section 3 - Amendment of section 5. - The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2021

Amendment of section 5. 3 . In section 5 of the principal Act,- (i) after clause (2), the following clause shall be inserted, namely: - (2A) base resolution plan means a resolution plan provided by the corporate debtor under clause (c) of sub-section (4) of section 54A; ; (ii) in clause (5), in sub-clause (b), after the words corporate insolvency resolution process , the words or the pre-packaged insolvency resolution process, as the case may be, shall be inserted; (iii) in clause (11), after the words corporate insolvency resolution process , the words or prepackaged insolvency resolution process, as the case may be shall be inserted; (iv) in clause (15), after the words, process period , the words or by the corporate debtor during the pre-packaged insolvency resolution process period, as the case may be, shall be inserted; (v) in clause (19), after the words for the purposes of , the words and figures Chapter VI and shall be inserted; (vi) after clause (23), the following clauses shall be inserted, namely: - (23A) 1 [ preliminary information memorandum ] means a memorandum submitted by the corporate debtor under clause (b) of sub-section (1) of section 54G; (23B) pre-packaged 2 [ insolvency commencement date ] means the date of admission of an application for initiating the pre-packaged insolvency resolution process by the Adjudicating Authority under clause (a) of sub-section (4) of section 54C; (23C) 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 prepackaged insolvency resolution process period, subject to sub-section (6) of section 54F; (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 sub-section (2) of section 54J; (d) any costs incurred at the expense of the Government to facilitate the pre-packaged insolvency resolution process; and (e) any other costs as may be specified; (23D) pre-packaged insolvency resolution process period means the period beginning from the pre-packaged insolvency commencement date and ending on the date on which an order under sub-section (1) of section 54L, or sub-section (1) of section 54N, or sub-section (2) of section 54-O, as the case may be, is passed by the Adjudicating Authority; ; (vii) in clause (25), after the words, brackets and figures of sub-section (2) of section 25 , the words, figures and letter or pursuant to section 54K, as the case may be shall be inserted; (viii) in clause (27), after the words corporate insolvency resolution process , the words or the prepackaged insolvency resolution process, as the case may be, shall be inserted. ************ NOTES:- 1. Corrected vide CORRIGENDA dated 05-04-2021 before it was read as preliminary information 2. Corrected vide CORRIGENDA dated 05-04-2021 before it was read as insolvency date