TMI BlogInitiation of corporate insolvency resolution process [ Section 54O ]X X X X Extracts X X X X X X X X Extracts X X X X ..... pproval of resolution plan under sub-section (4) or sub-section (12), as the case may be, of section 54K , by a vote of sixty-six per cent. of the voting shares, may resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor, if such corporate debtor is eligible for corporate insolvency resolution process under Chapter II. [ Section 54O(1) ] Notwit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he pre-packaged insolvency resolution process costs, if any, shall be included as part of insolvency resolution process costs for the purposes of the corporate insolvency resolution process of the corporate debtor. [ Section 54O(2) ] Where the resolution professional fails to submit written consent under clause (b) of sub-section (2), the Adjudicating Authority shall app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncement date shall mean pre-packaged insolvency commencement date ; and (e) in computing the relevant time or the period for avoidable transactions, the time-period for the duration of the pre-packaged insolvency resolution process shall also be included, notwithstanding anything to the contrary contained in sections 43 , 46 and 50 . [ Section 54O(4) ] - Manuals - R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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