Initiation of corporate insolvency resolution process

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..... lution plan under subsection (4) or sub-section (12), as the case may be, of section 54K, by a vote of sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor, if such corporate debtor is eligible for corporate insolvency resolution process under Chapter II. (2) Notwithstanding anything to the contrary contai .....

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..... hall be included as part of insolvency resolution process costs for the purposes of the corporate insolvency resolution process of the corporate debtor. (3) Where the resolution professional fails to submit written consent under clause (b) of sub-section (2), the Adjudicating Authority shall appoint an interim resolution professional by making a reference to the Board for recommendation, in the .....

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..... -period for the duration of the pre-packaged insolvency resolution process shall also be included, notwithstanding anything to the contrary contained in sections 43, 46 and 50. ] ************ 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, Re .....

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