Disposal of applications under section 54C (Pre-packages Resolution) and under section 7 or section 9 or section 10 [ Section 11A ] - Insolvency Resolution And Liquidation For Corporate Persons - Insolvency and Bankruptcy

Disposal of applications with respect to application under section 54C (Pre-packages Resolution) and application under section 7 or section 9 or section 10 [ Section 11A ] Admission or Rejection of application [ Section 11A(1) ] Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under sections 7 , Section 9 or Section 10 during the pendency of such application under section 54C , in respect of the same corporate debtor. Pre-Package Insolvency Resolution Process (PPIRP) filed within 14 days of filing CIRP [ Section 11A(2) ] Where an application under section 54C is filed within fourteen days of filing of any application under sections 7 , Section 9 or Section 10 , which is pending, in respect of the same corporate debtor, then, notwithstanding anything contained in sections 7 , Section 9 or Section 10 , the Adjudicating Authority shall first dispose of the application under section 54C. Pre-Package Insolvency Resolution Process (PPIRP) filed after 14 days of filing CIRP [ Section 11A(3) ] Where an application under section 54C is filed after 14 days of the filing of any application under sections 7 , Section 9 or Section 10 , in respect of the same corporate debtor, the Adjudicating Authority shall first dispose of the application under sections 7 , Section 9 or Section 10 . Initiation of Pre-Package Insolvency Resolution Process (PPIRP) not to apply where CIRP is pending [ Section 11A(4) ] The provisions of this section shall not apply where an application under sections 7 , Section 9 or Section 10 is filed and pending as on the date of the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.