Taxmann’s Law Relating to Pre-Packaged Insolvency Resolution Process

Contents

E G A P

Acronyms

I-25 Section Index

I-29

1

PPIRP - NOVEL IDEA IN INSOLVENCY RESOLUTION

w a L y c n e v l o s n I f o d n u o r g k c a B

6 1 0 2 , e d o C y c t p u r k n a B d n a y c n e v l o s n I

n o i t u l o s e R y c n e v l o s n I d e g a k c a p e r P) fP o R nI oP i P t ( c s us de oc ro t r n P I e d o C y c n e v l o s n I f o e r u t c u r t S l l a r e v O

e d o C y c t p u r k n a B d n a y c n e v l o s n I e h t f o e m e h c s l l a r e v O

t u b g n i l i a f a e v i v e r o t s i e de os Cr i yp cr e nt en ve l o s ss ne I n fs i o u eb s ol e pb ra ui Pv

m u r o f y r e v o c e r r o f e t u t i t s b u s a t o n s i e d o C y c n e v l o s n I

n i s n o i s i c e d d n a ( e d o c e t e l p ) ml y op cp aa t so i en dl ol i cw ys ct nc eA vr l e o h st no I

) a n o r o C ( 9 1 d i v o C o t g n i t a l e r s n o i s i v o r p l a i c e p S

) I B B I ( a i d n I f o d r a o B y c t p u r k n a B d n a y c n e v l o s n I

12

cn i o l i b t uu l po s ge nr i h f so i l s b r ua pl u ri c ot f r Ia Bps Bfn Ieo i r i fb t o a l du en g t i ae s bsR et e n we h t dmr eee t cd a nn nu u go i n s n a e nl Da p

s r o t a l u g e R r o t c e S l a i c n a n i F

I-5

12

1.3-2

11

1.3

1.3-1

10

1.2-4

10

1.2-3

8 1.2-1

9 1.2-2

5 1.2

2 1.1-1

3 1.1-3

2 1.1-2

1 1.1

S T N E T N O C

E G A P

P R I f o e m e h c S

s e i l p p a e d o C y c n e v l o s n I e h t m o h w o t s n o s r e P

f o s r o t n a r a u g l a n o s r e p o t s e i l p p a e d o C s ye ct na er vo l p o r so nc I ’ n o s r e p ‘ f o g n i n a e M

t c e f f e g n i d i r r e v o s a h e d o C y c n e v l o s n I

T A L C N r o T L C N e r o f e b s g n i d e e c o r p o t s e i l p p a t c A n o i t a t i m i L e d o C y c n e v l o s n I o t t c A n o i t a t i m i L f o y t i l i b a c i l p p A

n o i t a t i m i l f o d o i r e p t n u o c o t t n a v e l e r s i t l u a f e d f o e t a D

e t a d t a h t m o r f s t r a t s n o i t a t i m i l , d e g d e l w o n k c a t b e d f I

td b e er dl a fc o e td n es ma ew gt dn eu l o wc oc na kf ci an de nv ae tn n o ei t ma yt ai pm i el r r r fo e o f i l et r t na a dae tvA e s l P a e N Lr

e r o f e b r o t c n Ao i It S a t Ei Am Fl i Rf Ao Sd ri o e r de np ud rn e e t t t x a e mt fo o n ys ce no ed d nT eR PD

se i m to e c er e s hv n so o eo s ct a nt e a n r le t ac i b n e fi i f nu c fi i s f ed u l n s b a r a’ y o a t f b e d pd e n sf o ao d tt n nnn o ueo c omi e t e mg a b ad t i em n a gli c nwl f y ioo a wnr k o l e ca ha D S‘ b

e d r e a n p o ue d d n go o nC c i d e y nc b i n we n a v ol c t o l gs a n n e i I t p a o p l t e a y r / r n 3a o 1t r i 0n t a 2o s , cn i tc l o ct p ps Ao a ae sn e t gr i n t ne nn i l t e ax p fi i c me n fi e i f oh yu Ct as no l r i e t o se Df nb l oa i s c i i v l op rp Pa

s e i t i r o h t u a e t a l l e p p a d n a ) A A ( y t i r o h t u A g n i t a c i d u j d A

2.7

t n e d n e p e d n i s i e d o C y c n e v l o s n I r e d ns ug n Pi Rd Ie P e Pc /o Pr Rp Ip Cu rg on f i nd on i i t i w t e f Po

2.8

n o i t i d d a n i d n a T R D d n a n Io S i Et u Al Fo s Re Ar Sy rc e n de nl v uo ys l n p I pr ao yf ao mg n sa r e c dy ne eh Lt

30

l i v i C , A B D R /e I l S b Es i As Fi Rm r Ae Sp re e dd no uC y sc g n ne i v d l eo es cn oI rd pn la e l t l r a u r o a PC

30

2.8-1

28

2.6

27

2.5

26 2.4-7

27

2.4-8

24 2.4-6

22 2.4-5

22 2.4-4

21 2.4-2

19 2.4

22 2.4-3

20 2.4-1

16 2.3

14 2.1-1

15 2.2

15 2.1-2

14 2.1

I-6

2

GENERAL PROVISIONS APPLICABLE TO INSOLVENCY RESOLUTION PROCESS

29

E G A P

32 2.9-2

y l e s o l c f o e s a c n i s e s s o l f o s fe f i o n ta e p s dm no ac d de rs a s we r rt os f i yd r d r l a e Ch e e s s e s s a f o e m o c n i t o n s i n a o l f o r e v i a W

35 2.12

m o h we d to s nC i y a c gn ae sl v e o i n s an pI r me od cn tu s d ne i a t u gt ai t s Rn Di Tn e Fe rb e e dv na uh ss g g ni n i d d ee ee cc oo rr Pp

38 2.13

n o i t a d i u q i L d n a P R I C n i s e i c n e g a s t i d n a t n e m n r e v o G s fs o e ec l o o r RP

38

s e i n a p m o c o t g n i t a l e r T S G

r e d n u

t o n s e o d r to c t Aa xd i au t q e i ml oy cb s nt I e fs o s Aa Id e 4 s 9s 1e r nt os i t f c o ee s l ra e s do nt uy l Sp Dp Ta

2.11

s e i n a p m o c f o e s a c n i n r u t e R x a T e m o c n I f o P nR oI i t C a cr fie i d r e n Vu

34 r e d n u s ss ne oc i o s r i v oP ry pc n le a v i l c o es pn SI

) P I ( l a n o i s s e f o r P y c n e v l o s n I

l a n o i s s e f o r P y c n e v l o s n I s a n o i t a r t s i g e R

P I f o n o i t a r t s i g e r f o s n o i t i d n o C

l a n o i s s e f o r P y c n e v l o s n I f o t c u d n o C f o e d o C

2.14-4

s e s s e c o r p o t g n i t a l e r n o i t e a md ro oC f y n c I n fe o v l yo t s i l n a I i t e n h et dr fie nd on Cu

2.14-5

d r a o B y b ) P I ( l a n o i s s e f o r P y c n e v l o s n I r e v o l o ) rI t B n B oI C(

42

2.14-6

n o i t a c i d y t ur j a d ap ey vn aa hf o ts o nm i sa e l oc de d li a c ne od i s t s o e n f o n ra Pc ne oh i , t s u r l e o sw e o Rp

) U I ( y t i l i t U n o i t a m r o f n I

s r e d i v o r p e c i v C r e F s B l N a i c o t n a e n d fi o C o t y c e l n b e a v c l i o d s l p e n p fi I i f at to o o n nn o y l el i s da n c e o fi Ci t x c E ye cp ns es vs l e o l sn nu I

e t a r o p r o c t s n i a g a d e t a i t i n i s r eo bt n na ar ca u sg gl na i n d eo es cr oe rp pr o yr co nt en va l r o a su ng I

46

2.17

2.9-1

d e s s e r t s i d f o e s a c n i ) T A M ( x a T e t a n r e t l A s e mi n ua mp im n i o Mc

2.10

e t a r o p r o C f i t n a c i l p p a n o i t u l o s e r e b n a c r o t E c eM r i DS /M r s e i t r o o mt ob re PD

45

2.16-1

40 2.14-2

44

2.16

41

42 2.14-3

40 2.14-1

43

2.15

n o i t a c i l p p a e r e h w s r o t b e d ed t e a t t r oi pm rd oa cn re oe f sb ns oa i h s i P v oR rI pP xP a/ t P eR mI oC cr o nf I

34 2.9-5

33 2.9-4

33 2.9-3

38 2.14

32

33

2.9

S T N E T N O C

I-7

41

S T N E T N O C

E G A P

n o i t u l o s e R y c n e v l o s n I d e g a k c a p e r P ( P R I P P e h t f o d n u) os rs g e kc co ar BP P R I P P f o y h p o s o l i h p d n a e s o p r u P

e l b m a e r p r e p s a P R I P P f o e s o p r u P P R I C r e v o P R I P P f o s e g a t n a v d A

y l n o E M S M o t e m e h c s P R I P P e h t t c i r t s e r o t n o s a e r o N

s s e c o r p n o i t u l o s e r y c n e v l o s n i d e g a k c a p e r p f o n g i s e ) dP R cI i s P a P B( P R I P P d n a P R I C n e e w t e b n o i t c n i t s i D

P R I P P o t P R I C f o s n o i s i v o r p f o n o i t a c i l p p A

f o s n o i s i v o r pP R fI o P sP no ot i e t l a b ca fic i i l d p op Ma

e d a m n e h w P R I C

63

e l b a c i l p p a e r a h c i h w P R I C f o s n o i t c e s r e hP t o R I eP mP oo St

s g n i d e e c o r p P R I C e r e h w t p e c x e , P R Id Ce c rn e ve om Pm Ro Ic P y Pd a oe t r ya l t i r e ov i a r Ph

n i h t i w r o g n i d n e p s i P R I P P n e h w dP eR l I fi P eP bf to o ns nh at cn Po Rm I2 C1

E M S M s i t a h W

nE a cM tS n M us oi r mo at eb ee t D n e at r a a r uo gp r do i a C pf ni t un ra oc Ai l Pp p Na gn no i i v t au l ho ns oe sR r e e Pb

n o i t a c fi i t o n y b E M S M o t s n o i t a x a l e R

e r a o h w s r o t b e d e t a r o p r o c f o t c e p s e r n i y l n o e l b a c i l p p a PE RM IS P PM

P R I P P r o f n o i t a c i l p p a g n i k a m r o f s n o i t i d n o C

72

4.1-1

71

3.5-2

69

3.5-1

72

4.1

65 3.4-1

67 3.5

64 3.4

63 3.3-2

61 3.3

3.3-1

59 3.2-1

56 3.1-4

53 3.1-2

56 3.2

53 3.1-3

50 3.1-1

50 3.1

I-8

3

OVERVIEW OF PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS (PPIRP)

4

ELIGIBILITY AND CONDITIONS TO APPLY FOR PPIRP

E G A P

e b

n o s r e P e t a r o p r o C f o g n i n a e M ’ t l u a f e d ‘ f o g n i n a e M t b e D

m i a l C

t b e D l a i c n a n i F

P R I P P t o n t u b , P R I C e t a i t i n i n a c s r e y u B e m o H r o t i d e r C l a n o i t a r e ’ p r o O t i d d e n r a c t l b a e i c D n l a a n n fi o ‘ i t s a i r o e h p W O

l a n o i t a r e p O d n a r o t i d e r C l a i c n a n i F n e ed wl i ta e bv s ni or i t o c t i nd i te s r i DC A A o t n o i t a c i l p p a l a m r o f g n i k a m e r o f e b s p e t s l a i t i n I

P R I P P t c u d n o c o t n e k a t e b o t s p e t S

t c u d n o c o t l a n o i s s e f o r P n o i t u l o s e R f o t n e m t n P i o R pI pP AP

r e t f a e r e h t d n a t n e m t n i o p p a f o e m i t t a P R y b e r u s o l c s i D

5.2-3

t s a e l t a h t i w s r o t i d e r c l a i c n a n fi d e t a l e r n ue fu o l la a vv on ri p% p6 A6

5.2-4

l a i c n a n fi o n f i s r o t i d e r C l a n o i t a r e p O f o ls a r vo oi t rd pe pr Ac

89

5.2-5

s r o t i d e r c l a i c n a n fi o t d e t t i m b u s e b l a ov t o nr op i p ta a me r ro of f e n b I

89

5.2-6

l la a nn o oi i s s s s e e f f o o rr PP n yo ci t nu el vo l s o se nR I s fa o d e st e n i i t io r p op ha t u e ab o dt nd ae s so e i p t o u r Dp

l a n o i s s e f o r P n o i t u l o s e R f o s n o i t c n u F

e s a e c l a n o i s s e f o r p y c n e v l o s n i f o s e i t u d n e h W

o t d e s o p o r p l a n o i s s e f o r P y c n e v l o s n I o t ed l e b t an i yo ap pp sa e ee Fb

91

5.2-8

d l u o h s P R I d e g a k c a p e r p r o f t l u a f e d s mh uk a ml i0 n i 1 M `

r o t b e D e t a r o p r o C

91

5.2-9

90

5.2-7

87 5.2-1

88

90 5.2-2

87 5.2

83 4.5

87 5.1

80 4.4

86 4.5-1

78 4.3-4

76 4.3-2

75 4.3

76 4.3-3

75 4.3-1

74 4.2-1

74 4.1-2

74 4.2

S T N E T N O C

I-9

5

INITIATION OF PPIRP BY CORPORATE DEBTOR

89

S T N E T N O C

E G A P

, s k o o b s s e c c A o t l a n o i s s e f o r s Pt nn oe i m t u u l c o o sd e Rd n fa o s sd r e r o wc oe Pr l a n o i s s e f o r P n o i t u l o s e R y b s d r o c e r f o n o i t a v r e s e r P y l l a c i n o r t c e l e P R y b s m r o f d n a s t r o p e r f o g n i l i F

e t a i t i n i o t l a v o r p p a r o f A A o t n o i t a c i l p p a o t r o i r p e r u d eP cR oI rP PP f o t n e m t n i o p p a r o f s r o t i d e r c l la a n i o c i ns ae s nf fio yr bp n lo a i vt ol u ro ps pe Ar

93 5.3-2

5.3-3

r o f l a n o i s s e f s o r r o P t i d n e o r i t c u l l a o i s c n e a R n f fi o o t e g m n a i t n e t e fn m oe f lm a o t v n e o i c r o i pp t o pp N Aa

94

5.3-4

e r a s r o t i d e r c l a i c n a n fi l l a r o t b e d o n ns ee ht i wr a lp a vd oe rt pl a pe Ar

95 g n i t a c i d u j d A h t i w t n a c i l p p A e t a r o p r o C y b n o i t a c i l p p ay ft i o r o gh nt i l u i A F P R I P P r o f n o i t a c i l p p a h t i w d e t t i m b u s e b o t n o i t a m r o f n I

g n i t a c i d u j d A o t P R I P P r o f n o i t a c i l p p a g n i k a m r o f ey r t ui dr eo ch ot ru PA

y t i r o h t u A g n i t a c i d u j d A y b n o i t a c i l p p a f o n o i t c e j e r r o n o i s ) s T i L mC dN A(

P R I P P f o t n e m e c n e m m o C

P R I P P n i m u i r o t a r o M r e d r O d n a P R f o t n e m t n i A o pA py Ab

e e t t i m m o C y b l a n o i s s e f o r p n o i t u l o s) e C r o fC o t( n s er o mt i ed ce ar l C p ef Ro

d o i r e p P R I P P g n i r u d m u i r o t a r o M

m u i r o t a r o M f o s e c n e u q e s n o c d n a g n i n a e M

m u i r o t a r o M g n i r a l c e d r e d r O f o s t n e t n o C

t u c e b t o n n a c s e i l p p u sm lu a i i r t o n t ea s r s o e ,m s f a o t o d uo i qr e ,p s e g s ni n er cu i L d

m u i r o t a r o m g n i r u d ed ua i np i t e n or ca s te s uu md t sn e e i l r p r pu uc ss la a i g t n n o el s s o Es

) r o t n a r a u g ( y t e r u s f o y t r e p o r p n o m u i r o t a r o m o N

109

5.7-5

109

5.7-4

100

5.7-1

108

5.7-3

101

5.7-2

100

5.7

99 5.6-3

99 5.6-2

99 5.6-1

98 5.6

97 5.5

96 5.4-1

92 5.2-12

94

5.3-1

96 5.4

93 5.3

92 5.2-11

92 5.2-10

I-10

E G A P

f o n o i s s i m d a r e t f a e v o r p p a t o n s e o d C o C fs i y Pa Rd I P0 P9 n fi o n a nl op i n t o a i nt i u l mo rs e e Tr

t n e m e c n u o n n a c i l b u P g n i k a m r o f e r u d e c o r P l a n o i s s e f o r P n o i t u l o s e R y b P R I P P f o t c u d n o C l a n o i s s e f o r P n o i t u l o s e R f o s e i t u D

dl na an ei o t s a s ne of i o t r r oP t x n ei o ,t d u el uo l s a e vR r e y db ns un ,o l i a t i t c n a es r n e a f r e t r t Pn fl e o u yd du ua t r S f

116

g n o m a n o i t a l u c r i c s t i d n a m u d n a r o m e m n o i s tr a e mb rm oe f n m I P R I P P g n i r u d l a n o i s s e f o r P n o i t u l o s e R f o s r e w o P

s n o i t c a s n a r t f o e c n a d i o v a r o f n o i t a c i l p p A f o g n i l i F

s n o i t c a s n a r t l a i t n e r e f e r P f o e c n a d i o v A

l a i t n e r e f e r p f o e s a c n i y t i r o h t u A g n i t a c i d us j d n o Ai fc t o a rs e n da rr Ot

s n o i t c a s n a r t d e u l a v r e d n u f o e c n a d i o v A

d e u l a v r e d n u d e r e d i s n o c e b n a c n o i t c a s n a r t a n e h W

n i y t i r o h t u A gs nn i o t i t ac ca i s d n ua jr dt Ad e yu l ba v rr ee dd rn Ou

f o s e s a c

124

d e u l a v r e d n u t r o p e r n a c r e n t r a p r o r e b m e ms n ro oi t rc oa t i s d n ea r r Ct

s r o t i d e r c d e d u a r f e d d a h r o t b e d e t a r o p r o c f i n o i t c A

t i d e r c e t a n o i t r o t x e t s n i a g a r o t b e d

e t a r o p r o c o t s n no ot i i t c c a es t n o a rr Pt

f o t c e p s e r n i

y t i r os hn to ui t Ac a gs nn i a t r a t ct i i d d ur e jc d Ae t a fn oo i rr t eo dt rx Oe

n i a t r e c r o f ) C o C ( s r o t i d e r C f o e er t t o i t mb e md oe Ct a fr o o p lr a vo oc r py pb s an ro ot i i r c Pa

l a n o i s s e f o r P n o i t u l o s e R y b s l a n o i s s e f o r p f o t n e m t n i o p p A

129

6.10

128

6.9

127

6.8-1

125

6.8

y l n o s t r a t s P R I P P f o s s e c o rn po i t la a c mi l rp op Fa

6.6-1

125

6.7

124

6.6-3

123

6.6-2

123 6.6

121 6.5-1

118 6.4

114 6.2-3

118 6.5

116 6.3

113 6.2

6.2-2

113 6.2-1

112 6.1-2

111 6.1-1

111 6.1

S T N E T N O C

I-11

6

PROCEDURE FOR PPIRP AFTER ADMISSION OF APPLICATION

S T N E T N O C

E G A P

n o i t u l o s e R o t s n o i t u t i t s n i l a i c n a n fi y b d e i l p p u s e b o t l na on i o t i a s ms e rf oo f r n P I

l a n o i s s e f o r p n o i t u l o s e r o t s r e t o m o r p d n a s e e y o l p m e y b e c n a t s i s s A l a n o i s s e f o r P n o i t u l o s e R o t e l b a y a p s e e F

o t n o i t a m r o f n i e v i g o t r o t b e d e t a r o p rl oa cn fi o o s s ye t i f l o i b r aP i l n do ni t al u yo t s u e DR n o i t a d p u s t i d n a s m i a l c f o t s i L f o n o i s s i m b u S

t o n n a c s m i a l c h s e r F , d e l t t e s e r a s m i a d l e c t p ee cc nc Oa

t o n t n u o m a n e h w m i a l c f o t n u o m a f o n o i t a n i mn i ra e t t r e e Dc e b

y n a f o s m i a l c e d i c e d t o n n a c l a n o i s s e f o r P n o i t u l y o t sr e a Rp y c n e r r u c n g i e r o f n i t b e D

s r e h t o o t s r o t i d e r c y b s t b e d f o t n e m n g i s s a r o r e f s n a r T n o i t a m r o f n i e s l a f f i sl r a on t c o es i r s i d e f ro or sP r e n t o o i t mu l oo rs pe fR o yo t t i l i n b e av i i L g

d e t t i m b u s n o i t a m r o f n i f i n o s r e t pn e as n fo o c yi s t i lh i t b u ao i l h t oi Nw

P R o t d e i l p p u s s a w n o i t a m r o f n i e s l a f f i n o i t a s n e p m o C

P R I P P g n i r u d r o t b e D e t a r o p r o C f o s s e n i s u b f o t c u d n o C

o t s n o i s i v o r pP R fy o b nr oe i v t a o cn i l e p k pa At

o t n o i t a c i l p p a n o

y t i r o hP t u R Ao t gt nn i t e a cm i e d g ua j n d Aa fm o r e f rs e n da rr Ot

t n e m e g a n a m f i P R I C

137 e t a r o p r o c f o t n e m e g a n a m t s e v o t e vP l o sR e h r t i nw ar co t Cb oe Cd

l a n o i s s e f o r p n o i t u l o s e r f o y t i r o h t u a d n a s r e w o P

s y a d n e v e s n i h t i w C o C f o g n i t e e m d n a n o i t u t i t s n o C

P R I P P o t e l b a c i l p p a s a C o C f o t c e p s e r n i 1 2 n o i t c e s f o s n o i s i v o r P

140

C o C f o s r e b m e m e b o t s r o t i d e r c l a i c n a n fi l l A

139

7.2

7.2-1

139

7.1

138

6.16-4

137

6.16-3

137

6.16-2

136 6.16

6.16-1

135 6.15-8

135 6.15-7

135 6.15-6

135 6.15-5

134 6.15-3

134 6.15-4

134 6.15-2

133 6.15-1

130 6.13

131 6.15

131 6.14

130 6.12

130 6.11

I-12

7

CONSTITUTION AND FUNCTIONING OF COMMITTEE OF CREDITORS

E G A P

7.2-3

l y a t n r a o p i t a d r e e t p a l o e d r n s a i r r o o t t i i d d e e r r c c l l a a i i c c n n a a n n fi fi f h i t r o e w b o s p i n g o n s r i r o t e t o i v pd e o ar fc N I 7.2-4

l a i c n a n fi o t d e n g i s s a n e e b s a h t b e d l a n o i t a r r o e t i pd oe r fc I dr no t en t t e a gs nan afo s cor l o e er p t vn i f t o o a cr t n e nb ei s sm e i r tu pb een r e dg eu dr ee h zh i y r owb ed ht t e uon avw do rn oa r o ege n ei e t tt s s ueu rer Tmt e r a h s g n i t o v f o n o i t a n i m r e t e d d n a r e n n a M

s s a l c f o e v i t a t n e s e r p e r P R dI eP s i P r of ho t e u s aa fc o n i nr s oo i t t i c d ee l e r Sc

f o

l a i c n a n fi o n e r a e r e h t f i , e e t t i m m o C f o n os i r t o a t i md re or Fc s r o t i d e r c f o e r a h s g n i t o V

r % o 6 6 P h R t i w m t o u r f b y n t o i r i t o a j a m m r o y f b n i C r o o C f s e ns l l i na a oc c i d r t e ot o u fi t b l i o sc Ce o e e p CD r e fs f t o n o a gi r s ng t o i n h p s i r s go t i a o Pv RC

l a i c n a n fi n e h w s en vo i i tt a r c o t u t n r b et s s e e n d r i pg e t en a r i r t dc o e fl i p s r i n o r oo c hc f t e o u e av s i g a ys c br n o i gt ni y d i t t e r o r a Vc P d e t a l e R

147

r o t b e d e t a r o p r o c o t n o i t a l e r n i y t r a p d e t a l e R

l a u d i v i d n i n a o t n o i t a l e r n i ’ y t r a p d e t a l e R ‘

s r o t i d e r C f o e e t t i m m o C f o g n i t e e M

o t g n i t a l e r s n o i s i v o r P

g n i t e e m n i s r o t i d e r c f o s t h g i r g n i t o V

e e t t i m m o C o t n o i t a c i n u m m o c d n a f o s g n i t e e M r o f es r ur de eb cm o re Pm

e e t t i m m o c e h t f o s g n i t e e m g n i n e v n o C

g n i t e e m e e t t i m m o c e h t f o s g n i t e e m r o f e c i t o N

g n i t e e m e e t t i m m o C f o e c i t o n f o e c i v r e S

e e t t i m m o c f o g n i t e e m r o f e c i t o n e h t f o s t n e t n o C

e e t t i m m o c f o g n i t e e m f o m u r o u Q

153

7.6-4

152

7.6-2

154

7.6-5

153

7.6-3

152

7.6-1

151

7.5-1

149

7.4-2

145 7.2-12

147

7.4-1

144 7.2-11

m u i t r o s n o c r o f t n e g a r o e e t s u r t e l g n i s s i e r e h t f I

l a i c n a n fi f o e v i t a t n e s e r p e r d e s i r o h t u a f o s e i t u d d ns ar o st t i h d ge i r Rc

7.3-1

144 7.2-10

143 7.2-9

143 7.2-8

142 7.2-6

142 7.2-7

141 7.2-5

152

7.6

140

141

7.2-2

150

7.5

146

7.4

145 7.3

S T N E T N O C

I-13

141

S T N E T N O C

E G A P

e e t t i m m o C f o g n i t e e m f o t c u d n o C

s s a l c a n i s r o t i d e r c h t i w e e t t i m m o C f o g n i t e e M

d l e h g n i t e e m l a c i s y h p n e h w e e t t i m m o c e h t y b g n i t o V g n i t e e m t a e v i t a t n e s e r p e r d e s i r o h t u a y b g n i t o V s n a e m c i n o r t c e l e h g u o r h t g n i t o V

n a l P n o i t u l o s e R f o s t n e m e r i u q e R

t n a c i l p p a n o i t u l o s e r y b n a l l p a nn oo i i t s u s l e o f so e r r fp o y c nn oe i s v s l i o ms n bi uo St n a l p n o i t u l o s e r f o s t n e t n o C

n o i t a z i m i x a m f o s e r u s a e m w o h s o t n a l p n o i e t u u l l a o sv e f Ro

n a l p n o i t u l o s e r f o s t n e t n o c y r o t a d n a M

n a l p n o i t u l o s e r f o s t n e m e r i u q e r r e h t O

n a l p n o i t u l o s e r t n e m e l p m i o t y t i c a p a c d n a y t i l i b i s a e F

s r e d l o h e k a t s l l a f o s t s e r e t n i r e d i s n o c o t n a l P n o i t u l o s e R

l a n o i t a r e p o d n a l a i c n a n fi o t t n e m y a p f o es cr no ei t ud qe er Sc

e u l a v n o i t a d i u q i l h c t a m t o n d e e n n a l p n o i t u l o s e R

8.2-11

fd o e r gi nu i q t s e i r l e t do fn o s si nI oB i E s i S v of ro pn o ni i s a s t i n m or ce np ay cn na ad l p n na s oe i t i t u i l r o u sc e e Rs

167

8.2-12

r e g r e m e d , r e g r e m r o f e d i v o r p n an co i nt aa l m p a ng l oa i t m u l a o sd e n Ra

167

168

y c n e v l o s n I f o

8.2-10

t r a p e b n a c m u r t c e ps sg n i md oe e cc eo l e r TP

C o C o t P R y b n a l P n o i t u l o s e R e s a B f o n o i s s i m b u S

l a v o r p p a e r o f e b n a l p n o i t u l o s e r e s a b f o n o i s i v e R

168

8.3-1

o e d i v h g u o r h t g n i t e e m n i n o i t a p i c i t r a p rg on f i ec r n ue dr ee cf on ro Pc n a l p n o i t u l o s e r a s i t a h W

168

8.3

166

8.2-9

166 8.2-7

166 8.2-5

166

8.2-8

166 8.2-6

165 8.2-4

164 8.2-3

162 8.2

162 8.2-2

162 8.2-1

161 8.1

159 7.6-10

157 7.6-8

159 7.6-11

158 7.6-9

156 7.6-7

155 7.6-6

I-14

8

SUBMISSION AND APPROVAL OF RESOLUTION PLAN

E G A P

f o s m i a l c f i C od e Cr i ya bp nm ai l t p o nn oe i t r u a l s o r so e t r i d ee s r a bC l fa o n lo a i vt oa rr pe pp AO

f e o l b e i s s s a i m c n r i e p e s l u r a o v t i d n e o r i t c a l d a i i c u n q a i n l fi d n f a o s e m u l i a a l v c r f i o a t f n g e n m i r mP i r a R oI p f P m n P I I

169 ed ve o fi rs pi t pa as e tb o t no sn e n oa dc s Cr oo t Ci d fe i r sc t l n aa cn o i t l i t p n a pr a c Ae i l np p oo p r i A t o u n n l o o a i l sp t e u Rn o l o s i ot e t u R l no os i e t r a t e i s v a nb I 8.4-4

e et ha t i c oo t s s ya r s t n s n o t ei s r khe cgp au d bo e t erc khe t arn mo n to tb c o eg ndn n i t at el ca u a r ro f op e t b rd eor dco s ege t nn i a i t r a olp u pa m rf oe o Cdc

178

8.4-5

e d o C y c n e v l o s n I f o e l u d e h c S h t f l e w T) ( nA i d9 e2 fin i o c i et pc se ss t r c o Af

179 y d e m e R ’ t n a c i l p p a n o i t u l o s e r e l b i e g s i a l e e s ni i ‘ d f n o a nh ot i s e i s v or ro Pw

181

y t i l i b i g i l e n i r o f

t c e l e s o t n a l p n o i t u l o s e r f o t n e m e v o r p m i d n an gl a np i r t os ce Sb

t n a c i l p p a n o i t u l o s e r y b y t i r u c e s e c n a m r o f r e P

s t i d n a t n a c i l p p a n o i t u l o s e r y b n a l p n o i t u l o s e r f o n on i o s i s t i a mu l ba uv Se

s n a l p n o i t u l o s e r f o n o i t a u l a v E r o f e r u d e c o r P

n a l p n o i t u l o s e r f o l a v o r p p A r o f e r u d e c o r P

n o i t u l o s e r r i e h t e v o r p m i o t s r e t t i m b u s o t n o i t a s t in v a l np I

8.7-4

n o i t u l o s e r e l b i s s o p tt s e n be tm e e gv oo t r dp om hi t l e a mt i en ge nu eq l e l a hS cy sb s n ia wl Sp

186

o t l a n o i s s e f o r P n o i t u l o s e R y b s n a l P n o i t u l o s e R f o n o i s s i m bC uo SC

C o C y b n a l P n o i t u l o s e R f o n o i t c e l e S

g n i t o v % 6 6 y b n a l P n o i t u l o s e R f o l a v o r p p A

d e r i a p m i e r a s m i a l c f i e k a t s ’ s r e t o m o r p f o n o i t u l i D

188

8.8-3

176

n o i t u l o s e r f o

a i r e t i r C t nt an t a r c ol i pp mp Ia

s n a l p n o i t u l o s e r f o n o i t a t i v n I r o f e r u d e c o r P

187

8.8-2

185

186

8.7-2

187

8.8-1

185

8.7-1

184 8.6-2

183 8.6-1

171 t n a c i l p p A n o i t u l o s e R e l b i g i l e n I

s t n a c i l p p A n o i t u l o s e R o t n o i t a m r o f n i f o g n i h s i n r u F

8.7-3

8.8

8.4-3

8.4-6

172 8.4-2

185 8.7

8.3-3

171 8.4-1

182 8.6

169

169 8.3-4

182 8.5

8.3-2

8.4

S T N E T N O C

I-15

d

185

S T N E T N O C

E G A P

to f n e) 2 m( eJ g4 a5 nn ao mt i c fe i es ur ne i d t n n ou cP tR o nI nP aP cg tn n i er mue edd gdo aeC ngy anc n mae h v ecl o mss aan SwI s t s o c s s e c o r p n o i t u l o s e r y c n e v l o s n i d e g a k c a p e r P

d e v o r p p a t o n n a l p n o i t u l o s e r f i P R I P P f o n o i t a nC i o mC ry e Tb

g n i t a c i d u j d A o t C o C y b d e v o r p p a n a l p n o i t u l o s e R f o n oy i t s i s r i o mh bt uu SA y t i r o h t u A g n i t a c i d u j d A o t n o i t a c i l p p A r ol f a ev r o ur dp ep ca or ro Pf

y t i r o h t u A g n i t a c i d u j d A y b n a l P n o i t u l o s e R f o l a v o r p p A P R I C s a e m a s P R I P P f o l a v o r p p a f o t c e f f E

9.3

t o n n a c d e v o r p p a e c n o n a l P nn ow i t a ur l d o h st e i Rw

9.4

y b n a l p n o i t u l o s e r f o l a v o r p p a r e t f a d e y wt i or l l o o h f t eu bA og t n i et r a uc di ed cu oj rd PA

198

9.5

n o i t u d l e o l s l e fi l r u f f o t n o o n i t s c t e n j e e m ry t e rr i e r t i o f u h q at e du e r f wA i g o l n l n i a o t l fa P c ei n bd o ou i t t j u ed l r A o uy s d e b R en c oa f r o l n Pp o i t c e j e R

198

198

o t d e w o l l a e b

e b

t n e m n r e vs oe Gu ed t a y t r S o /t l u a t r a t t n s ef Co nt oc e gp ns i e d nr i n b i nn ae l v p ne ot y i t i r u l o o h s t e u Ra da l ec vo ol r p d pn Aa

n a l P n o i t u l o s e R g n i v o r p p a r e d r o t s n i a g a l a e p p A

n o i t a d i u q i l n i s t l u s e r y l e t a m i t l u h c i h w P Rr Io P t Pb e fd o e nt oa i r t a o np i r mo rc e f To

s e d i c e d o s C o C f i P R I P P f o n o i t a n i m r e T

P R I P P f i r o t b e d

e t a r o p r o c y b e n r o b e bd e t oa t n si t m s r oe Ct

d e t a n i m r e t P R I P P f i n o i t a d i u q i l r e d r O

P R I C r o f e l b i g i l e r o t b e d e t a r o p r o c f i P R I P P e t a n i m r e t y a m C o C

P R I C o t P R I P P r e f s n a r t o t s e d i c e d C o C f i A A y b r e d r O

202

9.8-1

200

9.7-2

200

9.7-3

200

9.7-1

195 9.1-3

201

9.8

n a l p n o i t u l o s e r t c e j e r r o e v o r p p a o t y t i r o h t u a l a n fi s i C o C

9.2

199

9.5-1

194 9.1-2

199

9.7

194 9.1-1

199

9.6

194 9.1

190 8.8-6

191 8.9

189 8.8-5

188 8.8-4

I-16

9

SUBMISSION OF RESOLUTION PLAN FOR APPROVAL BY AA

196

E G A P

t n e s n o c t o n s e o d P R f i P R m i r e t n I f o t n er e mf ts n n i a o r pt po At P R I C o t P R I P P g n i r r e f s n a r t f o r e d r o f o t c e f f E

d n a n o i t u l o s e r y c n e v l o s n i o t ns on i o t s a r l e e r p ne i t ya t r i o r p or ho t c u Ar o gf nn i t o a i t ca i d d uu i j d q i Al 10.2-1

n o i t u l r o o st e b r e yd ce nt a er vo l o p sr no i c rf oo yr co t t p n ua rr ka nu ag bf ro on f o i nt oa i t d i a cu i q l i p l pr Ao

204 10.2-2

r o r o t n ar r o a t un a gr la a nu og se r t e a pr o fp o r yo cc t f p uo rn ko nt i au bl o rs oe f r ny oc i t n a e cv i l l o p s pn Ai T L C N f o n o i t c i d s i r u J

f o e s o p r u p r o f d e d u l c x e m u i r o t a r o m fn oo i da t ot i i r em i Pl y t i r o h t u A e t a l l e p p A d n a s l a e p p A

1 3 n o i t c e s r e d n u r e d r o t s n i a g a l a e p p a r o f s d n u o r G

n o i t a d i u q i l f o r e d r o t s n i a g a l a e p p a r o f s d n u o r G

P R I C o t P R I P P g n i r r e f s n a r t f o r e d r o t s n i a g a l a e p p A

w a l f o n o i t s e u q n o t r u o C e m e r p u S o t l a e p p A

s a h I B B I r o T L C N e r e h w n o i t c i d s i r u j e v a h o t t o n n to r i ut oi c cd li s i v r i u C j

s n o i t a c i l p p a f o l a s o p s i d s u o i t i d e p x E

s g n i d e e c o r p f o n o i t a i t i n i s u o i c i l a m r o t n e l u d u a r F r o f y t l a n e P

s r o t i d e r c d u a r f e d o t y l t n e l u d u a r f s s e n i s u b n o g n i y r r a c f o y t l a n e P

y c n e v l o s n i d e g a k c a p e r p f o e s a c n i s rs e e cc fio f r o p nn oo i yt t u l l a o ns ee Pr

e s a c

10.9-2

213

n i s n o i t c e r i d 6 6 rn e o hi t t r c ue Fs

r e d n u s g n i d e e c o r p f o

212

10.9-1

210

10.8

s n o s r e p e t a r o p r o c r o f s n o i s i v o r p l a e p p a d n a n o i t a c i d u j d A

211

10.9

210

10.7

208 10.5

208 10.4-2

209

10.6

208 10.4-3

207 10.4-1

207 10.3-1

207 10.4

206 10.3

204 10.2

202 9.8-3

202 9.8-2

204 10.1

S T N E T N O C

I-17

10

ADJUDICATION, APPEALS AND PENALTIES UNDER PPIRP

205

S T N E T N O C

E G A P

s e c n e f f o y r t o t t c A s e i n a p m o C r e d n ue sd t o r uC oe Ch lt a r i e c ed pn Su y t r e p o r p r o t n e m l a e c n o c r o f t n e m h s i n u P

s r o t i d e r c g n i d u a r f e d s n o i t c a s n a r t r o f t n e m h s i n u P P R I P P f o e s r u o c n i t c u d n o c s i m r o f t n e m h s i n u P l a n o i s s e f o r p y c n e v l o s n i y b s e c n e f f O

s t n e r m o e t t b a e t d s e m t o a r r o f p s r n o o c i s s f i o r s mo k ot o lb o ae i r b e d f t e o aa t n mr o do i p t n a r c ao l c fi u i f s f l l o i a s wr f r ra i o o f f ff t n ta n o e et m mg h hn s i st i i n nl a u ue P Pr s r o t i d e r c o t s n o i t a t n e s e r p e r e s l a f r o f t n e m h s i n u P

n o i t u l o s e r e h t r o m u i r o t a r o m f o n o i t n e v a r t n o c r o f t n e m h s i n n a ul Pp n o i t a c i l p p a n i d e h s i n r u f n o i t a m r o f n i e s l a f r o f t n e m h s i n u P

11.12

e d a m n o i t a c i l p p a n i n o i t a m r o f n i e s l a f g n i d i r v oo rt pb re od f e tt n a er o mp hr so i c n uy Pb

221

11.13

f o t n e m he sd i o n uC py c ln a e uv dl i o s s e n RI

221 f o n o i t a l o i v r o f e n fi

f o s n o i s i v o r p

f o t n e m y a p ) ( r o e t u p s i d ) ( f o e r ur so oi t l d c s e i r d c l n a on no rt i oa f r te n p eo my hb st i n b ue Pd

P R I P P n i n o i t a m r o f n i e s l a f g n i d i v o r p r o f t n e m h s i n u P

n a c t n e m n r e v o G d n a e t a g i t t s r e u vo nC i ol t a i tc n e ep mS ne rr e o vf oe Gb t kn si a a nl ap cm To Lc e Cl N fi

12.1-1

225

12.1-2

225

t r u t o c C A l n i o v i i t C a t f i o m n i o L i t f c o i d y t s i i l r i u b j a c o i t l d r p n a p u B A o r g k c a B

224

12.1

223

11.15

220 b

222

11.14

s e c n e f f o r o f s t n e m h s i n u P

11.11

a

220 11.10

218 11.7

219 11.9

218 11.6

217 11.4

219 11.8

218 11.5

216 11.3

214 11.1-1

215 11.2

214 11.1

I-18

11

OFFENCES AND PUNISHMENTS IN RELATION TO PPIRP

12

GENERAL PROVISIONS RELATING NCLT AND NCLAT

E G A P

l a v o r p p a g n i t n a r g e l i h w s n o i t i d n o c e b i r c s e r p n a c T L C N ) T L C T N L ( l C a N n u y b b i e r k T a f t o s i r m e d f r o o n m o o i t r a f c l fi a i e t c p e p R A T A L C N d n a T L C N f o r a r t s i g e R

T A L C N d n a T L C N f o s n o i t a t i m i L d n a s r e w o P

n o i s s i m r e p , n o i t c n a s g n i t n a r g f o t c e p s e r T nL i s nC oN i y s i b v . oc rt Pe T A L C N d n a T L C N f o r e d r o f o t n e m e c r o f n E s g n i d e e c o r p l a i c i d u j e r a s g n i d e e c o r P

T A L C N d n a T L C N f o s r e w o P t n e r e h n I

y t l a n e p d n a s e x a t f o y r e v o c e r r o f y a t s g n i t n a r G

s e i t i r o h t u a r e w o l n o g n i d n i b l a n u b i r T f o s n o i s i c e D d e fi i t c e r e y b t n i r a o c s h s r t e d d u r r a o g c o e t n r s i i d n m w fi o e r v i t f c e t a n r f t l e o r a n a n p n fi p a s a c i s a l e l a n k n a u u t b s b i i i r r T M T ’ t r u o c ‘ t o n s i l a n u b i r T

y r a l p m e x e n e v e d n a t s o c d r a wy t ar na ap cg Tn At i Lu l Ca Nf de nd an To Ls t Co Nc

231

13.1-2

232

13.1-3

232

13.1-4

233

d n a T L C N e r o f e b s l a e p p a , n o i t i t e p , s g n i d e e c o r p f o n o i t T u A t i L t s C nN I

13.1-1

T L T C A N L e T C r A N o L f e C d n b N a l a d T e n L p a C p T N a L r C f s o o e s N s n o f g a i c n o t i t i t s t n t r i e e s e g p w d r , n o n u o p a f i t l s o a a g c r n g l n i e i i t p d n m s p n e i i u G T L A o r g k c a B

e c i v r e s r o f s s e r d d a e h t n i t u o t e s e b o t s r a l u c i t r a P

n o i t a r e t l a g n i l l a i t i n I

n a f o f l a h e b n o d n a r o f n o i t a s i r o h t u a f o nn oi o i t t c a i uc do os rs Pa

235

13.2-2

l a e p p a r o n o i t i t e p f o n o i t a t n e s e r P

235

13.3

235

13.2-3

234

13.2-1

233

13.2

231 13.1

229 12.2-9

230 12.2-11

229 12.2-8

230 12.2-10

228 12.2-7

228 12.2-5

228 12.2-3

228 12.2-6

228 12.2-4

227 12.2-2

226 12.1-5

227 12.2-1

225 12.1-4

226 12.1-6

225 12.1-3

226 12.2

S T N E T N O C

I-19

13

PROCEDURAL ASPECTS OF NCLT AND NCLAT

S T N E T N O C

E G A P

l a e p p a r o n o i t i t e p , n o i t a c i l p p a h t i w e l b a y a p s e e F

d n a d e l fi e b o t y nt or i ta a p ce i l t p i s po ap rp oo no ot i t d i t e e r pe v fi o l e sd e i e p ob co et ey r p ho Tc l a e p p a r o n o i t i t e p n o n o i t a t c n fi e i r m e v u c d o n d a f t o n e n o m i t e a s l r s o n d a n r E T T L C N e r o f e b t a e v a c f o g n i g d o L s n o i t a c i l p p a y r o t u c o l r e t n I

d e r r e f s n a r t n e e b e v a h B L C e r o f e b g n i d n e p s r e t T t a L mC eN ho Tt

I B R f o ) 2 ( A Q 5 4 n o i t c e s r e d n u n o i t a c i l p p a r o n o i t i t e P n o i t c a f o e s u a c e l g n i s n o s f e i l e r e l p i t l u M d e t t i m d a s g n i d e e c o r p f o n o i t a r t s i g e R

s d r o c e r r o f g n i l l a C

d e g a m a d r o n r o t , d e c a f e d f o n o i t c u d o r p n os et r n ue d em cu oc ro Pd s e c i t o n d n a t n e m e s i t r e v d a l l a n i g n i d a e h l a r e n e G

e c i t o n r o n o i t a c i l p p a r o n o i t i t e p f o s m r o F

n o i t i t e p g n i l i a t e d t n e m e s i t r e v d A

y t r a P e t i s o p p O o t e c i t o N

r a e p p a t o n s e o d t n e d n o p s e r f i l a s o p s i d

s e s s e c o r p d n a s e c i t o N f o e c i v r e S

o e d i v h g u o r h t t n e n o p e t d i v a f d o fi f n A o i y t b a e n c ig n mn e ai c d x i n ee v E sr e f s f o on n ro o Cc i t c u d o r P

244

13.5-3

y l p es Rt n fe od n go p ns i l e i FR

245

e h t y b s t n e m u c o D r e h t o d n a

13.5-2

h c i h w T L C N e r o f e r bo ec t ce np es dn i i v ee lr a o ne f ob i t i d d e dc au fd o o nr op i t t c uo dn os ra Pw

r e d n i o j e R f o g n i l i F

e c n e d i v e r o n o i t a m r o f n i r e h t r u f r o f l l a c n a c T L C N

y r e g r o f f o n o i t a g e l l A

245

13.5-5

s n o i t a c i l p p a r o n o i t i t e p f o g n i r a e H

246

13.6

T L C N f o e c fi f o n i l a e p p a r o n o i t i t e p f o g n i l fi r e t f a T eA r uL dC eN c od rn Pa

245

13.5-6

245

13.5-4

244

13.5-1

244

13.5

243 Ex parte

13.4-8

242 13.4-6

243 13.4-9

243 13.4-7

242 13.4-5

241 13.4-3

241 13.4-4

241 13.4-2

240 13.3-9

241 13.4-1

240 13.4

239 13.3-8

238 13.3-6

237 13.3-4

239 13.3-7

238 13.3-5

237 13.3-3

237 13.3-2

236 13.3-1

I-20

E G A P

r e b m e m y b l a s u c e R

n o i t i t e p r o n o i t a c i l p p a f o l a w a r d h t i W

y b t s i l e s u a c y l i a d f o n o i t a c i l b u p d n a n o i t y a r r t a s i pg ee r PR e c n e r e f e r r o f s n o i t a t i c r o s e t u t a t S

s e s a c f o t n e m n r uh oc j n d e aB d na af to s g i l n et i s t i us acn fo o n df ro a t wn ru oo f c yc r a r a n Co y n a p m o c f o s r i a f f a n o n o i t a m r o f n i r o f l l a c n a c T L C N

e r o f e b s g n i d e e c o r p f o g n i d r o c e r o e d i v r o o i d uT aL oC NN s s e n t i w e h t o t h t a O

d e z i r o h t u a h g u o r h t r o n o s r e p n i T L C N e r o f e b r a ee pv i pt aa t nn ae cs yr e t r p a e Pr 13.7-2

rt e e i t s t o a p mp no i rt o a ee ps i pv ad ta o nn ne av ci eg vr i o t a d t n e r ea s e e r p pp ea r dd ea z h i r oe hh t e u y r t ae r nha Awp

249

13.7-3

s a h e h f i , d r a e he v ei t ba t on t e te s h r gp i r e sr ’ d y e t r s i a r po h nt ou a nd oe i t t c n i i r o t s p e p Ra

249 13.7-4

, s e v i t a t n e s e r p e r d e s i r oT hL t C u aN e lh a i t c ey pb ss t fr o e tp n x ee mr lo e s nr ae pu l ma Ev

249

249

d e z i r o h t u a r o

13.7-1

r e n o i t i t c a r p l a g e l r e h t e o v ni aa t t gn ne i s g e ar gp ne Er

s e v i t a t n e s e r p e r d e s i r o h t u a e h t r o f s s e r d l a n o i s s e f o r P

D R , t n e m n r e v o G l a r t n e C f o f l a h e b n o e c n aC r a eO pR pr Ao

s n r e t n i s ’ e v i t a t n e s e r p e r d e s i r o h t u a f o n o i t a r t s i g e R

e a i r u C s u c i m A

t n e d n o p s e r r o t n a c i l p p a f o e c n a r a e p p a n o n f o e c n e u q e s n o C

t o n s e o d t n e d n o p s e r f i l a s o p s i d d n a g n i r a e h

r a e p p a

d e s s a p s a w r e d r o f i n o i t a r o t s e R

e c n e d i v E g n i d r o c e r d n a s e s s e n t i w f o g n i n o m m u S

r o s e i d y t r a p f i s e v i t a t n e s e r p e r l a gt en l e fl v o o s nn oi i t s u e t i m t s o bc ue Sb

n o i t u t i t s b u s r o f y l p p a n a c s e v i t a t n e s e r p e r l a g e L

T L C N y b d e t n i o p p a e b n a c s r e u l a v r o s r o s s e s s A

253

13.8-6

253

13.8-4

253

13.8-5

252

13.8-3

252

Ex parte

252

ex parte

13.8-2

251

13.8

13.8-1

250

13.7-8

250 13.7-6

250

13.7-7

250 13.7-5

248 13.6-7

248 13.6-8

247 13.6-6

247 13.6-5

246 13.6-2

247 13.6-4

246 13.6-3

246 13.6-1

248 13.7

S T N E T N O C

I-21

S T N E T N O C

E G A P

n o i s s i m r e p h t i w y l n o y l p e r r e t f a T L C N e r o f e b s g T nL i C d aN ef l P o T L C N y b d e s s a p r e d r o f o n o i t u c e x e r o f n o i t a c i l p p A

t o n s e o d e l u r l a r u d e c o r p f o e c n a i l p s g mn oi cd e n e oc no r fp o tt e c a ei f t f i Ev t c A e h t r e d n u y t l a n e p f o n o i t i s o p m i r o f e r u d e c o r P T L C N y b s r e d r O f o g n i n g i s r o f e r u d e c o r P

f t o s o r c a r f t o s i e g e e r f R r e d e r h o t f h o t y i p w o c T d L e C fi N i t f r o e c r d e n d e r s s o Oe t fi y on r a t gp s i nm g i l e i o R F C 9 T L C N m r o F n i T L C N o t t n i a l p m o c r o e c n e r e f e R s e i t r a p y b s d r o c e r f o n o i t c e p s n I

s d r o c e r f o n o i t c e p s n i f o e d o M

n o i t c e p s n i f o r e t s i g e r f o e c n a n e t n i a M

s t i v a d fi f A

p u g n s i t d n n e i w m u n c i n o r d o f w o s n r e u b t n e a r c d n t a i v a n d i o fi t f c a u e d r o e r h p , W y r e v o c s i D

s n o i s s i m m o c f o e u s s i d n a s e s s e n t i w f o n o i t a n i m a x E

n o i t i s o p e d f o g n i d r o c e R

s e s s e n t i w f o g n i r e b m u N

i m a x e g n i d s n s e e t t n a t i r w o o f t s n s e e t o a i t c na t i fi w n i t i r om e c ta x ee e l g b s r as a y o h a r c p c s i d en d f ca n o a n t w o n i ot a l r la G A n

s i o h w r e n o i s s i m m os s Ce n et hi t w of t do en hi o st i a n rn ui fm ea bx oe t g n si dd rr oo cc ee Rr

s r e d r o f o t n e m e c n u o n o r p d n a s e s a c f o l a s o p s i D

T A L C N / T L C N y b r e d r o f o t n e m e c n u o n o r P

e h t f o r e b m e m e n o y n a y b r e d r o f o t n e m e c n u oh nc on re PB

r e d r o e c n u o n o r p o t r e b m e M y n a g n i z i r o h t u A

T L C N f o t c e p s e r n i s m r o F

) T A L C N ( l a n u b i r T e t a l l e p p A e r o f e b s e r u d e c o r P

265

s e l u R T A L C N r e d n u s m r o F

265

13.15

13.15-1

264

13.14-4

262

13.14-1

263

13.14-3

263

13.14-2

262

13.14

262

13.13-5

261 13.13-4

261 13.13-2

260 13.13

261 13.13-3

260 13.13-1

258 13.12

257 13.10-2

258 13.11-1

257 13.11

256 13.10-1

255 13.8-13

255 13.10

255 13.8-12

255 13.9

254 13.8-11

254 13.8-9

254 13.8-10

254 13.8-8

254 13.8-7

I-22

S T N E T N O C

I-23

E G A P

APPENDICES Appendix I

: Insolvency and Bankruptcy Code, 2016

269

Appendix II

: Insolvency and Bankruptcy (Pre-packaged Insolvency Resolution Process) Rules, 2021

455

Appendix III

: Notification under section 4 specified minimum amount of Rs. 10 lakhs to commence PPIRP

462

Appendix IV

: Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021

463

SUBJECT INDEX

485

3

C H A P T E R

Overview of Pre-packaged Insolvency Resolution Process (PPIRP)

.ff w-)s o abPnop u R o y Ls It i i r P h t yaP a s s ce( di n nts nna eus eim t vi e tc mMr l s o i snomya r o nc obh Pc I dC eoneer o r t hti e r d u t t i d t u el ,d e i e n ohtu i dc sts, n oe t e i o0 Cd R m c 2 y,ybs0 c0c 2 n2nuae0esw4 d v2 v 4 n C l l 5 2I o o aL . s s6 , IdB y n n1 e c f I B nIn t o d I fo a ee o f d e v g g o e l en r ao t ci n e t ntksi o ds eecnmr a i e i r oe pf r m m o e p pseno r r t c xi i poa i t ea b yt h u s u g, d C l r si n) uo C , i a t saf r o Ls e e f o Ior , d( Ah y t r i l ee a e s g e e i e S nt t na d t ot t eir S d cii er o rmmpo pM s m e mr cr. t ooo cor f ACc fACD

3.1 BACKGROUND OF THE PPIRP (PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS)

vide

,nso ,e r tt e eon n t bt dei oi e m d t mu c e t Omsdr n s i os ee tc v s mn -a 1 3bwao u nseec h cT ofn n e soa s .e nn e nd b oo i i id t t ros a a a C O h dd y nn . n e 1 ee Acc2 n mm. n 0 ee a 2 v mmd l n4 ooo o i d s ccC 4 r n ee .

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en t e a e r ob p rs oa ch s re oi s f r )p P r e Rt In P Pe ( m su s i e cd oe r pm d nn oa i t l u l l a o sm e s r , yo .

1 cr2 nc0 ei2 vml s4 o sand4 i n eo df i ei y gs b s aa kl d cc e as c pn u d e oo r r pst r e n Ap i

f o I I t r a P n i d e c u d o r t n i n e e b s a h ] P 4 51 . o2 t 0 2 A44 54 sf . n. o. e i t w c ee s d [ Ao -C I y I I c n re e t v p l o as hn CI

)p t l n e eh mo dt ns ei me c An (a en di od Cr yO cf t o p ue rs ko p nr au Bp d, n1 a2 0 y2 cn4 ev4 l o sn no I d ee hu t s s oi t 1 e2 l b 0 m2 , ae ec r n pa rn e i pd sr AO

3.1-1 Purpose and philosophy of PPIRP

50

P R I P P F O D N U O R G K C A B

,e r p e vo ec wS . oe Hc .n c a i n mi ed dr nO af po 9e 1v i t Dc Ie Vj Ob Co o)9 . t 1 e u d d i v d o e C c a n f s(a e rh i ot t l j r u a e cm d i i f f ew i h d h t rt c e vou on tsm e i s gi si P oh t R EtI , y P Ml l P Sa f eo Mr y c n e v l o s n I f o . t er eo t t p i e mr mi r oe ch t b n ui s9 f1 o d 0i 2v 0o 2C f 0 1o s 1 k 3l a dt ey t l a d dr a th r oe pe et t r i em hm t ,o t C c aw f a nL I

s w o l l o f s a e r a e e t t i m m o c b u s e h t n i e d a m s n o i t a v r e s b o t n a t r o p m i e m o S

,,alhstseyset s b n s a t hcrhn e mai o a u ht m t nete i r g s w a se i rwc r hc i ke r f voi o t a t i s a os ctl o f f v p a d i o f ar n w r r 6 e e s n m a po e e 3 hie n , f t e t n . e p n t i e f e s 1 t a i r r r d )i d o g l i a Poa hndv secdn r c c i e t a s a i oa -n ,u i c t e ,nt rp ii c , w o k s l c d t n a npa se urcaar f v o s d t a t hj e g r s l (wn t deta wur e dlei erat tnoc o o r t s oa e f ewo. u hmmgee t r b a I d h r t 0 e p t e orsibo. h n 2 h s s n t i t mffan 0 s h h i d e 2 sgdoi ediDocwc t r un unrCcu 0 b o u e cay 1 smdr doul) n h s o o l p hai t 1 t e a s , o f t r r s y r 3 I do e ,a he ue s sc r eo . e e d n s s e t r nk re mw r cr s t a oe a t t a e i a r e o s f vt t ala r t f oo u c l l p s t f S d e t o pg s u r ye rt t eorseuc p u e r n oo o h nro hhnsi e c( i t t o e l eop d btf el i a sh vte t va e o i vousmetlnr t s o g t l o m r e sleo a P afsi o o o t n n s vr c g R i sn f i i e oome d nge I s f e e nn aru en dP ert h, ni ihaP s oi snbt s i tt sithgsTnn nhI t n e e i . . s s ao s vstils,o a i r a k sbg i e e e wdbnc t a n o l nd li e fi mc at a a t do l d t e e d t i uf pi o c ese fhesci h ge h i r t m m e d e ee r ceds r id uc ha e kn m duip t o t r t i a r mi i nju nw rt fo t ma uaj ps o a ev c

,eftrhwnefdy b tu agdonlroaei h u i w o t saet ws t Ls r t C e smaa h f ko d ydeg a n k p o rpe c f n c i o g v s nehr o 4 e , a w e n ehtfh 4 s ei i . vtfo ce dech d o e 1 l r nemnca d o e u e r i a a sies t al t r b e a nuri r a n a u a d g I f muedi t bep fdcoqfns e k e l e n o ur c b eao u hs s de rp at r eot ncp a a ehsmaro b h t e e i scoet e rhy t t v b i r i . u t t ca u s 0 pt a maa dl e2 d s mhboheolaihe0 i t t s u d r n f d 2 e i ose odtehl t r t ceheu n c e o 0 n l t b i g t1 gnl oe p b h s ) i n a p hd si a cs ds uc 1 i ( ir i l l iec si n: 3 u ktuhvosed e i I er n o d w d r. he r d hpa e ho t d , t e t s Tee m n ws i tnd na e I a i u d u e e s a -r l e . i et hermbr p e dc r e h r t do l aaonde t eThr o i eop yr a oC h.tf f i hCe n ) k t t g t ea ou er e dr(h n e h l P hy i eo; ttmo vt t w t n R , d s ) a fI el faro e e e l o een o vr r P s p nmi ( e e t nP i delr aadr l n on r erep e t i v o u v dfenpc eoto t a o l ekrao t c t e ece;tnrua n y e p h a t bt sip t et rsc t r p r t e i i dacoaseumm d me t l p e ni nciml r u v i mp pm yadas o o l e o ofh na faro mo r Co sabcobpt ic

le oda ht t h n o m t bna o r , o t t o fi s f t o d of e tpc u s r ,oa e rd e s bi p er e edp m u t h l o s c t a c “ ,u y smc s ra e t i s n n ni s i ede b i m g na c m i at f oef tn csec u a kaeev f cchf d t a e a psg l g g n a nr ni e i n i r e d i d Pe v b ne -e i s cmbs ooer rch e pyt f f ybho s t ce t i I nt iw . ei s vi vsg l n tti o scud o nak e i s r e s te oc a o nwr hi t sfp ouoy sbyc ’i t n ”s l e s r i v do b l l tx i r o b oe s en l wd f i

Advantages of PPIRP over CIRP

Para 3.1 51

or even real

Pre-pack is preferred hybrid framework to resolve stress as a going concern, with minimum assistance of Government

Basic Structure of PPIRP

i

iii

ii

P R I P P F O W E I V R E V O : 3 .

H C

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-efr t e,n voo hso i TD t p e de c -Ce rr a t l a l t i oP a d nBR rm a I om dP f n o onP ec a i l n t b b , a o t au r n l e s e i e a pet f vo omi t a7 em o g k1 ca . m c3 eno aa hac pr t ma e b n r p o,u ps s p r e gs ut f o ne s o s i a 7 e k 1 gm. ah o n 3 mp. r i n0 p h a si2 r k s dd0 a t c ne2 p i a et0 , p mn1 D s e e s Ce mm1 r p c oe3 e o cld h e epe . htr0 t p m r t a f 2 e eid fo 0 h o ee 2 t t b t r t sn n 0 o i o d s i i 1 l p mu e t s ca 1 r moe r c p 3 o ui oc t scc d ctP i R i e et t er I t b r ha i a uuP TpDd sbP

toyb ynnnn t snu oIoe i l i s . i t ssas r o b c nepf e s i i o mo od s pod s c s o 9 oydr i ntc1 pl i i . g 3 ennua j n a t n hoc a r b ei t e r ohsa de o hd Wlp nhdt f atnon.o a e ,b yar ttl y s Dr y s e Celuab i e d v a r o r l r t r a eet Ch u s e . h n sot 0 n etd2 i t c i e i u h s k f , h 0 l t t n y o r o t 2 o ov ni ,c gs s 0 ass wsi nr 1 pee s e s hese r ma mc t cde1 ocs alc3 u o o a cyfr o r hdd ofpre en e et p ha nkepkra t c a h n d a smoa t t i o s d t pe t i e t r nnu f t r a o o aIleao r o i d t p t f t .s pi s i e r n r u e r e eneeq e r t hibsl P dt o s t n niR nei t r , ofI s e ubd D i dcoP h Dne C y l ht P ott o Ci t i e s f l hi n t i h e eu o ewb o t r hl i k n e y y s e To t a l o l s e i t -sn n i o t r e t i t osa i pi r sn te y s m sigw enh t ooo u k i tm l c h l o ro fw fv ea l o o oc r

esdhrsl d lfe i r s i o l he c t o u w t t F u n t co a i s no e . l o h d l I i e rs daehc r -p i nmrwf n f eta I u rc,u h. f t sofdso o f d e r ,e n e s s g e i i y i b uf n d t n i oileia d t r l edobe gu o gohde j r a acel moom t h tku n e a s aotoabt f I vnshrd. o ddesel l c h a an hgt ut v ne oeo kati c hh,r g n d e al nnwsep pb t k p o a i ei t aa e x m s b nt r ea s r i eea pl r e sf dchbh g s w e e l l k kbnne i i u r , c l add w a nfpa ml p s v t o a e u o ot t e ho snr s r ch s r pop i seedpve h l c d awr u wnn o o o r o n oup yi l hi h t p a s i l , s l rst x g a i i b e b n muowo i i a t o g t x l du t e o n ea et l ea l mi f h d m d e s t fh on, e o o a e r e p i ttttl ho s t s u p t ef r r e r q r e e m p r i ol ea d e a f r e t e enx hh n sc bbue t i i

Process flexibility before admission of application for PPIRP

52 Para 3.1

PPIRP should be extended to all Corporate Debtors in phases

Co-operation of management of CD essential for success of PPIRP

Corporate Debtor is the best and often the only person for resolution of stress

P R I P P F O D N U O R G K C A B

Para 3.1 53

0 2 0 2 0 .

0 12 1 0 32 d0 e1 t a 1 d3 td r e ot pa ed r t r Po Rp Ie P r PP nR oI eP eP t t n i mo e me t ot ci m b um so fc o b 9u 1s .

3 f ao r 3 a 3 . p3 -a sr Ca Fp

)dgdlssfh t a s ot n n e ni n 5 i t aceoc t2 ec r d i n t t maul em lasa i l a dpc cpo nd i s i nmnmf el e r i p ei, s hp f r msd ,ota t g a nn l o e r A i t rma fs i (hoc n o e ecwi s g n i mht di geg i e t c i . omh no 1 ffmi e2 Cet d l o o oirb0 p ynr f r2 caesyt v n n g s a t n p o 3 e p o n o ea l r i i i y4 u9l t t mud r1a a u e2 snl k-sr nDeedaeonn aIipeepsoo e f BVmosmsr o d u o O o ls spa e dC ydd ns x r n, oe gcon ee a1 n i c n n e r y2eidviee v s c0dsnedl pa n2nuasuo n b l h e e4 s a c e ) h vn e n s k n t l i t 4 i hEa o o M gs t i , e snetS nn dcti nok d i r a I a re eMh mr edat up o ( m e e c hu td pds lasn t r u e a g p eno osi s s ns t c i i m maci e r e1nip sh npfi l a 2 b 0nsrreorT a e e a h i m2f . htvtn s 0 n ,s o , ae o t 2 l ec tu edeGyi 0 r n s .baa2 m i pns s a t f h rae,usdi e e n e n n i c e a dr i s r i i d i pd t s u d ea e r s srun ao i hM md AObI cf t

3.1-2 Purpose of PPIRP as per preamble

sdo e m ’ t h n a . u t i ayi s d trd e or a nc I usetu t rdsmec e ooc duu f r e ndt r lpn a,s a c y s l i ct l ce a i a s t na t wm ie er r t m c svo i l , , oe o ed p o s r c r r a no sn c i s i c e )o rr Er Hmi e Mg.fel n o h s p St t o s m Miit o f t n i a o (t s e l yu sl d n e t pmo n n s e i i a aoi r t r u s pcpu i l e e ri f qo l s e b s n e s t garee n i e n cri es z i e f i s es i mt hu c t uuae b b i op oi r i d t st r et t e gh mnnen h e o t f dcmti to s a nyys l e e ah e or e r l r lt l u spd a d s t e a mamas n syeyi r l e ,met p d o o n u i rq rnv e e c i g o o t i n r n ru cp Me eu

,l ly yd6 t cn1 a i na u r 0 el n 2oi l va f ,s t l e o n smdeo nsomc i ,Coe eo ch t vryu c t c i i t tm o ot p a u n ge s r ra n v ki e i t s t dni l p eam a u i B f i r ti x s s n d . i s esnad a i b amto l c c s i yea j f s f c ue s e nn l le a oe sr v ns vi v ar l e hs d e o ce ni eps nah d r e i I ewp t v a e v or h r i h ro t c e t c i pp nh re re fnw oo f a d t e cn md dru t n s eo aa o s s f ns e c os i s , e ps i , r s s oer s rcpere porken c d e rt i i l sp s nuo i u tneqhb e i o g mn i ki r ,t i a e u u e r t cl i s h u d no t s ef e s ee nh me Hr to

,a y l s l a m ee Re s -t I . l l a t a e s o p r u p l a e r t o n s i e l b m a e r p n i n e v. i k g c i sm a em s i og pl ra ui c pt i l eo hp t

Purpose as given in preamble is not real purpose at all

] eeP dl4 op5 m Ci o ys t c nyA l e ev 4 vi 5 l ts o san r na o I i p t fm c o e Io[ s I rcA e at I p I e I ac hn r e Cet IHp I a .h te r a mC Pon nsi r i ded . ebee b i m i f d r i uc c o s ece C per y sr pc sa n a ne ] ev eA e r l u2bo s d3sn eoa I ct hf o r4eo r p I s uI ln a t dr o ea i mt cP rc o oe rn sp N[ i

3.1-3 Advantages of PPIRP over CIRP

. nc ae t i d y nn I ra um or e oG t , ds ed t n p a al dr ae h yt l e n i N a , me c nn ea er bF en vi at s hi x Ke Us e mr ou rd f e sc no or i p s i r v a ol ri pm i ,s P t Ru Ib P Pw na I l

P R I P P F O W E I V R E V O : 3 .

H C

54 Para 3.1

PPIRP has following inherent advantages over CIRP. These advantages have been noted in the report dated 31-10-2020 of sub-committee of Insolvency Law Committee.

l f s,l a pranoni a o e i ev l i c c t %P t n n e s u 5na al 7 ywn o n oi r ois i n t f a F e ol u nHfR i y . o n o f m) sb oe o iA l d t A%ei e Re 6 u ( r m l v e py6a o o s s t yi t a r ne s p nr B a er p ao e v a l a ehloa s t rie vu t n l pcr a e o peae p vA)a spb n g e ( d i sr s n tt i a rneph o a s e r a s nc t ol Pa f t si a a R p b d e n.

I e ou r y o P s j o dd D l i P r s t e o PAnrb s o t t e oea R b f Iosfdr o e l e Ct or a ep cs PD t n n r a e o oep nt o r i a o or mo t pCio a cmrr)tp p u ( i o l oa l lC r eo p o vs pcv oeC aso)r Rd s r(p e pl gc pfn p a no aoa i a n l r s s i er or psi f r o osemt ePt s b a i r e if R mNd oI d e o f e P e re)r r Pm(C bPc Preliminary work already done before filing application to Adjudicating Authority a

b

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gn ne i e t b a cs i a d uh j g d n Ai od t n na os t i t r a e cd i l n p pu al ga nm i r k o af n mi ef r oo f ts . e r r boo est i n d oee dmr o ss c i l k a rdi onc wan a e)n dTi aLf pCh sNt l (i a w i y t t i d i n r e i oh , s hc ut a hue TAr

s nni aey l ht p t i l i n b odi n i x t a e u l l nf o a, sl s e pu r lh ya T cm . nr l eo a vf v l o nr o sip nnp I a kar cno aof P ) k A e r r o A Pw ( y t oi t r o sh r ot t u b . s eAe dgg na di t t na s ac l i a sd i t r un i oj t di i d A n eoi r e t c l tb si a wmi l oba l uv l a sa Informal understanding with creditors before making formal application to AA for approval

re og t a b t es dn o ei t s a s r oi pm rd oa t Ca yn bo i ni t os i t o a p cp . i n l oo p i pft aoa s u te t n c i i s n o ’ j a n ahi c w s, i s tu n i i ,hw y T‘ l e . a vs r i y t o l l c t a ei d f u f es e r u dCs li na ai t i ycs n l l aa a s n ci s i e t Fl c de an r r Paa

. yeT s bL a eoC t N n y e ae l k i sk l i i l h y t t er i r da o n’ h i It f u yBa aRl a mmi c soi nrd ofj u i s t ni u s oa t i i t t u c s neq j I y b b lo a ‘d i c de nn d aa r n’ o i c sc F na dos i t nc i ae l a sjv kbo nor ai tp p Bd a ,uf wai e‘s s s i a v e l ynh moc i t u p no m I

lsyd a r a e om l mt i a ri d t oe ee f r d r n e i c h , n elt a ci o y i nc l s i l n s a S i a c m -i i nt d fc naa erf epo wse tag e ta s ba t. s d dfte e r heAi cb.u n al q la ei e l r wp r e nl n b ea o evi t bot o r u n yp l l o dps l i a a e w e, r r r s l ooe a t u sbts a ens hdi oi f t gei o nts a o i n r d p o i nop t apo a r t n s oei r cb e m ddta nno x uane

Fast approval and reduction of burden on NCLT

lft fa n o noe toem s i n i s e es r g p mer a efe n got arna nPem an , n y Moal i e t ev ,ug P i l o at Rs nc Ie e a f CR f . me f n l ,e I m s ou s it -r m e mhi T t h i n . h l I r l o ra oo t tb t f a e ree e d r vlu b e i os t sa dsor eopo dpxp nmer airo hsoc i ah si te t i i dw ,i ry ol loe t anu b c ei sn a t dc i t hn eae o t r a Phc r h . o o) t c pP i s rR h a oI wh c(

Management continues with corporate debtor and hence no disturbance in running of enterprise

P R I P P F O D N U O R G K C A B

,f f o l e t s n me im h e rg oa t n b ea dm ee t n a i r ot pu ro or cn i he t i c wn a sb e r uu nt i s t i n d o, cs u th n eT m.. e e l g b a i g n i a l g m e n e s h i t e , P s i R r I p P r e P t n n e I

t ete.eop nnh)i dne oet ssc tmn ni c a i ei ea hg s gr n t ai ne a i dn, s hc v i s t a a s a e s m hfrs n . i o yei , r t t s l t hu n oti c d h t t e b ae , b gs m r i f efC uo r e n d sh I fv e i e Tg o .or t t. t I ep a d n s e r -e i e t oo m hl t ppi i cw me no(r g y o i nr cnmm p i t o os eke y v r oeo C b a d hi , h t c s ss t edsr i enre i r frdow t a o i e o , s p f d o ha l y e e g e wha r r s c t shwpal i wcensa n oinaina nhilsol kwmPsiP e t , n r sr a n n e o e r i ot o i s e ot i t hbetupu u d b l o seo l o edt o sffs o hen o e te t t R o n e sa R i r g e r t ed i a e m eosse s p a ra li wroB p wa B ot oc eope s hf hnmh e wo bTki t se-nd i s in tanea I o p) so -br t e e rn hp t ne ram te i ce mhei r bth u uo,q sys e ynur r aahe mhTp . t e rid s owo a ( t yCr b l et e yn n di ct onr ej e t a va r p l r . ooogn a pysn l rlni p olIt a e f cu n k o dor ei i a K t hv u t i 4 m l d 5 tn o rs a hinoe o t r r l i t a e dec h c l ei i en t b i s i f e s i ohs r c nt a o e l a p t c l p t rs yn oe l l l b o a a i ct i t i i c u f i nm l c o ab es nu pe i sr s f sed s re i d wai sv Se ‘ o i t r Ar p -a y pl l da rc i i h f i t c de np as n de ee hb ss i l a b uh pm st e i s dy i s b s i ah eT r . e t hi wr e t dt . oes hbn t ro e ot i mha l cu at g sae i ’mr e o P gt R ndI ee P l tP l i a v hn n ci i

l yssa l r t i n r e a i a h t g t pe i r ddoo ee m t h e s o Tr h e t r .f, t e ss c t l e n d a j i i s . noobd r p ap i e o b s h a r e cr t ph i s h te o s wfefb t o i dv e ni h i ,bntt p i g i e h e d nh c ct i tne d a drarm o i c e b i tl o ht fcb a o uty r pni dt t On on e o hc h u . t t t t i e r mango i r np ti ou af tp sl ouo i n eaeca s e r go xs a np t eo tee l l rcng e a i r hpj o d o car e t sspt c e s s a i t e e r a wi r he t t n t Si to fn no Ai ic

fr o o f se e r c i ur t p a t es f e eb he t h ht cr t e a v mo -c d s ni ad o x t i r me d on t e rt e l d l e e s s o al sc wa od l l n a a ’n e gi o nt ec l u l a a hn Ce sp s o. i t wne s Sas ‘ h a et ho n Tba

l I r Beeanenl a h h a o t i h Btws ett . s Inoav n e u eae z )i l fill s o h o h s t ( n a s t l e ahal )l k e 3 a)rs c y h p ( i su t 8 cbh(i t s aa i s e 4t h nnz elt i niwa vcs a s l e r l o ov ,p a p e kr i n e t d c o p n a n l a i rl nt l oi ot mu pp u i a i a t t gmnu u ory t ei ol l e t s b r i o o t t a n o t s s n u rt i eo e e l l e a iml dnorrtt nossrapbp e e t o u i i n ut r hyns o feo b t i npo aet v aor oenehl u l t a n r e p o at phlv n a t p t s i hee n f m e n h o m l ov i r l o t i a abori t s ) e t t u h hut i t u l s s t ( n l o l e i ) l e o sa e v homs i e z ( o hT t i r bee r s p s urs p )o e km s s u hs( t ci n n a i e t i l or t :ahec fi o t t v e o e rat a n o t e n rlnver s a n u e o pda h gaht t i t t mnep e l) ml i iulo t mRga (ora e b)nhe t t n ya t uPisz i n , i sRwe mbe s o or n i eIl kt v ba P o l hP cp a ul ci o T( s f tosph

b

d

Para 3.1 55

except in case of fraud

Base Resolution Plan is good starting point

unless of course he is crook

Corporate debtor is allowed to be partner with other person

Explanation I

Swiss challenge method to get best possible resolution plan

a

b

c

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PyEew RmMma I oL CI nSs y l.Mhc t a e i e n mvt w e v roa l obreo naobs p yn dr aI oeo t ncmf i da o, so elt p e e r t e axea t pemr t i om msep oahr m c)co s s s co se c eye c h db got ou art t P bs c n i lf l anr a o t os vi dt o e w t al ur e toodi e s t n dv ee s n n R r ei ot e sx y s hc i a nn eeh i ereT ev b . s . mlo n d o l o l o ossu s l ra sni t o I ehne s e o r at s e ct e ha d t h r i r n Pota m e t Rp,yc m Irwl i o e r o PC nt i C P( os v s w o l l o f s a e r a P R I P P f o s t c e p s a c i s a b e h T

lfoss) fP a osea( o i R] c r tI eeahs P n c l r eP4 amrpa o l e pP5 nai nt a r A s o n fi ob4 ncpi e t e s e r r D5 yo f e s i o p o e n nlt v st p c e f % i o o b t s e o i 6 r e a eps e t rr 6ps dad c DP oe tps aPn e a s a nps R mI t a p a r o a edr od i r t nCL l e 4 tnoouCr e t o p l et 5 aab da ro bg p n )Peosne eno (RdCear i R s vit rIe t p r aa c ePt) s hl e tPa(foi o f t r e e s i a o sr[ ed v r m nss po yo meu l r on f n n i orard C p o o s o l C i i N i n p a l t s v ss a a i )a)i a ov e r o c s c ro c ( o (n r pl fi n pr i m eoaenae d b r cpo a n mpn r fie l m i o m i P F m i l c e m s a eh n n y s m e o v ptl e o o b co f sob i fi t f t d a sroou a eot s r p e r ti epP%l m v o e u s c 5 o s r n ho s oao 7e r o rsi wmh p p f rtnRp t n tP ,i i Pouoeat p t w l n s i eRo Rd o f na oa s cIs I i er e Be t e xP P r l P u Rl EPa abD c

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lts lds a a i s a d e i r ne ng te c i n oa e na i t kapagn a ceOnae r amri s e p oFPu ps a i reRl oe I h o c C nrtt T apai s . h e d i E l ra h fi ogWe r M t n CS ef ri . )l s oo o r t g M a i ug r i ( d t c e o n 1 a ed n ci r hf t n1at f c lunntoa. i o r s a s F i n i n d i n t c ,i a o e a nhcP i c e c t h g R ai s n rT Iao nhe P fiw s P t t .n i PR r ars d o i yoegIete t c C r n b bb h o i c e e t derol l d y a e d p g fi r f t e nei t n e a t t r o o i a d o a i a t i r r i nnt l t n a oc n o ua u i r po pl er oscert bosirpot tceEoOcn r t o a re i re nfyMd m nocSeohe arnMrrtv o o c coe t f t o l v i i i e Pd l r tad o n p m Re e a sh or Ir om nt i Cs Cc t i i

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P R I P P F O W E I V R E V O : 3 .

H C

sr1 . r o2 e f t 0 t n2 i mos , i btn a ut o i sv i t en a l hi u t eg fh e o t R rn e ) hiP t dR i e e I liP f l i i P c t ( eeI upB nsB i eI t n m f oio ct ) le4 l ( h8 a ht4 s n n ti h n o t i ei t a mwl e u vng o oi e rt R pp mos ien fh a o tl sep s s e n cui o o t rou ptl o ess l i ha e Tf r u

56 Para 3.2

3.1-4 No reason to restrict the PPIRP scheme to MSME only

3.2 BASIC DESIGN OF PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS (PPIRP)

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P R I P P F O N G I S E D C I S A B

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) 2 ( F 4 5 n o i t c e s s y a d n e v e s n i d e t u t i t s n o c e b d l u o h s C o C

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Para 3.2 59

3.2-1 Distinction between CIRP and PPIRP

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dn o ni as s Pi Rm d fa o ] rE te n 4 t5 ef man tto n n i e t i c o e pms pe[ acn ,no mui o t una i ni c r oap t cl a i p la r b ou f Mp o ,n] P 4 o Rs 1 i Is d fin oma d) ta1 nr ( 3 ee t1 mf s tan nto n i o ei t p c e pms ae[ c ,nn o mui o t un a i ni r c oal t cp a i p l rb a ou f Mp o

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60 Para 3.2

Corporate Insolvency Resolution Pre-Packaged Insolvency Resolution Process (CIRP) Process (PPIRP)

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na) l T pL nC oN i( t uA lA o so et rC fo oC) 5 1 ny( obK id4 s 5 se i vn mo o i rt bp c up e Sas na) l T pL nC oN i( t uA lA o so et rC fo oC ny) 4 ob( id0 s 3 se i vn mo o i rt bp c up e Sas

Law Relating to Pre-Packaged Insolvency Resolution Process AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE

: : : : : : :

V.S. DATEY TAXMANN FEBRUARY 2022 2ND EDITION 9789393880451 530 PAPERBACK

Rs. 1250 | USD 50

Description This book covers a ‘topic-wise’ comprehensive commentary under the Insolvency & Bankruptcy Code 2016 (IBC). It seeks to answer the questions faced by professionals on a routine basis.

The Present Publication is the 2nd Edition, authored by V.S. Datey, updated till February 2022. The structure of the book is as follows: u [Chapter 1 & 2 | Background] Chapter 1 discussion starts with the background to the Insolvency Law along with the overall scheme of the IBC & the Insolvency and Bankruptcy Board of India. Chapter 2 discusses the general provisions applicable to the insolvency resolution process u

[Chapter 3 | Overview of the Pre-Packaged Insolvency Resolution Process (PPIRP)] This chapter begins with the background & basic design of PPIRP along with the application of provisions of CIRP to PPIRP & relaxations to MSMEs

u

[Chapter 4 | Eligibility & Conditions to Apply for PPIRP] This chapter discusses the conditions for making an application for PPIRP along with the meaning of corporate debtor, default, financial creditor, operational debt & operational creditor

u

[Chapter 5 | Initiation of PPIRP by Corporate Debtor] This chapter starts with a discussion on initial steps to be taken before making a formal application to adjudicating authority and the various steps to be taken to conduct PPIRP. This chapter also discussed the moratorium during the PPIRP period

u

[Chapter 6 | Procedure for PPIRP after Admission of Application] This chapter begins the discussion on the formal process of PPIRP followed by the conduct of PPIRP by RP, powers of RP, the conduct of the business of corporate debtor during PPIRP, among other topics. This chapter also incorporates discussion on the avoidance of preferential & undervalued transactions

u

[Chapter 7 | Constitution and Functioning of Committee of Creditors] The discussion starts with the constitution & meeting of CoC along with the provisions & procedures of CoC as applicable to PPIRP. The discussion also incorporates the Related Party in the case of the corporate debtor

u

[Chapter 8 & 9 | Submission and Approval of Resolution Plan by CoC & AA] These chapters cover the discussion around the requirements, invitation, furnishing, procedure, submission, and approval or rejection of resolution plan

u

[Chapter 10 | Adjudication, Appeals and Penalties under PPIRP] This chapter discusses the adjudication & appeal provisions relating to corporate persons. This discussion also focuses on the jurisdiction of NCLT, various appeals & appellate authority and appeals to the Supreme Court on questions of law

u

[Chapter 11 | Offences & Penalties in Relation to PPIRP] This chapter specifically deals with the offences

u

[Chapter 12 & 13 | General Provisions & Procedural Aspects of NCLT & NCLAT]

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