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TMI BlogCorporate debtors eligible for pre-packaged insolvency resolution process [ Section 54A ]X X X X Extracts X X X X X X X X Extracts X X X X ..... means a memorandum submitted by the corporate debtor under section 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 expen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs preceding the initiation date ; (b) it is not undergoing a corporate insolvency resolution process; (c) no order requiring it to be liquidated is passed under section 33 ; (d) it is eligible to submit a resolution 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 va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated parties, representing not less than 66% . in value of the financial debt due to such creditors, for the filing of an application for initiating pre-packaged insolvency resolution process, 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 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 referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of resolution professional under clause (e) of section 54A(2) shall be in Form P3. (6) The terms of appointment of the resolution professional under this regulation shall include (a) fee payable to him for performing duties under section 54B(1) ; (b) fee payable to him and expenses to be incurred by him for conducting the process; and (c) fee payable to him and expenses to be incurred by him in case management of the corporate debtor is vested with him under section 54J. (7) The approval for filing of application under section 54A(3) shall be in Form P4 . (8) Where the corporate debtor has no financial debt or where all financial creditors are related parties, the applicant shall conven ..... X X X X Extracts X X X X X X X X Extracts X X X X
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