Introduction of Insolvency and Bankruptcy (Pre-Packaged Insolvency Resolution Process) Rules, 2021

 


Ministry of Corporate affairs has introduced rules which may be called the Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021 w.e.f. 09th April, 2021.

The salient features of these rules are :

  • Applicability: These rules will be applicable to corporate debtors classified as micro, small and medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006 subject to conditions specified  under Chapter III-A of Part II of the Code (Section 54A of the Code).
  • Filing of application: Application shall be filed before Adjudicating Authority in e-form in accordance with Section 54C accompanied with affidavit, along with a fee of ₹15,000/-

Application to be filed in Form-I (Format in the said notification)

Form –I contains various details such as:

Part-I: Particulars of the Corporate applicant and Corporate debtor.

Part-II: Particulars of Proposed Resolution Professional

Part-III: Particulars of Financial/operational debt [Creditor wise, as applicable]

Part-IV: Particulars of Financial creditors, not being Related parties of the corporate debtor. 



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