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Home Acts & Rules Insolvency and Bankruptcy Act Insolvency and Bankruptcy Code, 2016 Chapters List Chapter III-A (of Part II) PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS This
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Section 54N - Termination of pre-packaged insolvency resolution process - Insolvency and Bankruptcy Code, 2016

Extract

..... 1[Termination of pre-packaged insolvency resolution process. 54N. (1) Where the resolution professional files an application with the Adjudicating Authority, - (a) under the proviso to sub-section (12) of section 54K; or (b) under sub-section (3) of section 54D, the Adjudicating Authority shall, within thirty days of the date of such application, by an order, - (i) terminate the pre-packaged insolvency resolution process; and (ii) provide for the manner of continuation of proceedings initiated f .....

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Section 54N - Termination of pre-packaged insolvency resolution process - Insolvency and Bankruptcy Code, 2016

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..... s is required to be terminated under sub-section (1), the Adjudicating Authority shall pass an order - (a) of liquidation in respect of the corporate debtor as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) of section 33; and (b) declare that the pre-packaged insolvency resolution process costs, if any, shall be included as part of the liquidation costs for the purposes of liquidation of the corporate debtor.] ************ NOTES:- 1. Inserted vide THE INSOLVENCY .....

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Section 54N - Termination of pre-packaged insolvency resolution process - Insolvency and Bankruptcy Code, 2016

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