(1) Where a corporate debtor meets the requirements of section 54A, a corporate applicant thereof may file an application with the Adjudicating Authority for initiating pre-packaged insolvency resolution process.
(3) The corporate applicant shall, along with the application, furnish—
(a) the declaration, special resolution or resolution, as the case may be, and the approval of financial creditors for initiating pre-packaged insolvency resolution process in terms of section 54A;
(b) the name and written consent, in such form as may be specified, of the insolvency professional proposed to be appointed as resolution professional, as approved under clause (e) of sub-section (2) of section 54A, and his report as referred to in clause (a) of sub-section (1) of section 54B;
(c) a declaration regarding the existence of any transactions of the corporate debtor that may be within the scope of provisions in respect of avoidance of transactions under Chapter III or fraudulent or wrongful trading under Chapter VI, in ;
(d) information relating to books of account of the corporate debtor and such other documents relating to such period as may be specified.
(4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order,––
(a) admit the application, if it is complete; or (b) reject the application, if it is incomplete:
Provided that the Adjudicating Authority shall, before rejecting an application, give notice to the applicant to rectify the defect in the application within seven days from the date of receipt of such notice from the Adjudicating Authority.
(5) The pre-packaged insolvency resolution process shall commence from the date of admission of the application under clause (a) of sub-section (4).
1. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2021 notification dated 11.08.2021, effective from 04.04.2021. The Ordinance dated 04.04.2021 stands repealed. To view the notification, Click Here
2. Inserted vide The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 dated 04.04.2021. To view the notification, Click Here
1.9.1- Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021
1. Short title and commencement. –
(1) These rules may be called the Insolvency and Bankruptcy (prepackaged insolvency resolution process) Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette.
1.9.2- Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021
2. Application. –
These rules shall apply to the matters relating to the pre-packaged insolvency resolution process.
1.9.3- Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021
3. Definitions. –
(1) In these rules, unless the context otherwise requires, –
(a) “Code” means the Insolvency and Bankruptcy Code, 2016 (31 of 2016);
(b) “pre-packaged insolvency resolution process” means the insolvency resolution process for corporate persons under Chapter III-A of Part II of the Code;
(c) “Form” means a Form appended to these rules; and
(d) “identification number” means the limited liability partnership identification number or the corporate identity number, as the case may be, of the corporate person.
(2) Unless the context otherwise requires, words and expressions used and not defined herein, shall have the same meaning respectively assigned to them in the Code.
1.9.4- Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021
4. Filing of application. –
(1) A corporate applicant, shall make an application for initiating pre-packaged insolvency resolution process under sub-section (1) of section 54C of the Code in , accompanied with affidavit, documents or records as referred in Annexures therein, in electronic form, along with a fee of rupees fifteen thousand:
Provided that in case, electronic facility is not available for filing such application, the application and the accompanying documents may be filed in physical form, and wherever the accompanying documents are bulky, the same may be submitted in scanned portable document format in a data storage device such as a compact disc or a USB flash drive acceptable to the Adjudicating Authority.
(2) The corporate applicant under sub-rule (1) shall serve a copy of the application to the Board by registered post or speed post or by hand or by electronic means, before filing it with the Adjudicating Authority.
(3) The application shall be filed before the Adjudicating Authority in accordance with rules 20, 21, 22, 23, 24 and 26 of the National Company Law Tribunal Rules, 2016.
(4) A corporate applicant shall inform the Adjudicating Authority about the filing of any winding up petition against the corporate debtor after becoming aware about such filing.