(1) Save as provided in this Chapter, the provisions of sections 21, 24, 25A, 26, 27, 28, 28A, 29, 32, 32A, 43 to 51, and the provisions of Chapters VI and VII of this Part shall, mutatis mutandis apply, to the creditor-initiated insolvency resolution process, subject to the modifications that the references to–
(a) “corporate insolvency resolution process” shall be construed as reference to “creditor-initiated insolvency resolution process”;
(b) “insolvency commencement date” shall be construed as reference to “creditor-initiated insolvency commencement date”;
(c) “insolvency resolution process period” shall be construed as reference to “creditor initiated insolvency resolution process period”; and
(d) the references to “period starting from” shall be construed as “period of” and “initiation date and ending on the insolvency commencement date” shall be construed as “creditor-initiated insolvency commencement date” under sections 43, 46 and 50.
(2) The creditor-initiated insolvency resolution process of a corporate person under this Chapter shall meet such conditions and procedural requirements as may be specified.’.