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CS Professional · Insolvency and Bankruptcy - Law and Practice · Corporate Insolvency Resolution Process

Before approaching financial creditors for approval of a PPIRP filing under section 54A(3), Meridian Components Ltd must give them certain documents. Which set is required by section 54A(4)?

The debtor must provide the directors' declaration, the members' special resolution (or partners' resolution), a base resolution plan conforming to section 54K, and other specified information and documents. These go to the financial creditors before their approval is sought under section 54A(3).

  1. AOnly the audited balance sheet and a list of employees
  2. BThe directors' declaration, the special resolution of members, a base resolution plan conforming to section 54K, and other specified information and documentsCorrect
  3. CA liquidation estimate and the Adjudicating Authority's admission order
  4. DThe resolution professional's final report and the committee of creditors' approval of the plan

Explanation

Section 54A(4) lists the declaration under clause (f), the special resolution or resolution under clause (g), a base resolution plan conforming to section 54K, and other specified information and documents. The AA's admission order and the final CoC approval come only later in the process.

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