PRE-PACKAGED INSOLVENCY RESOLUTION PROCESS (PPIRP)

About:

• The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) to enable operationalisation of PPIRP.
  
  
• The PPIRP Regulations detail the Forms that stakeholders are required to use, and the manner of carrying out various tasks by them as part of the PPIRP.
  
  
• These provide details and manner relating to:
  • Eligibility to act as resolution professional, and his terms of appointment;
    
    
  • Eligibility of registered valuers and other professionals;
    
    
  • Identification and selection of authorised representative;
    
    
  • Public announcement and claims of stakeholders;
    
    
  • Information memorandum;
    
    
  • Meetings of the creditors and committee of creditors;
    
    
  • Invitation for resolution plans;
    
    
  • Competition between the base resolution plan and the best resolution plan;
    
    
  • Evaluation and consideration of resolution plans;
    
    
  • Vesting management of corporate debtor with resolution professional;
    
    
  • Termination of PPIRP.