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CS Professional · Insolvency and Bankruptcy - Law and Practice · Pre-Packaged Insolvency Resolution Process (Elective 7.5)

Bharat Polymers Pvt Ltd's pre-packaged insolvency resolution process (PPIRP) commenced on 1 March. Under the Insolvency and Bankruptcy Code, within what overall period from the pre-packaged insolvency commencement date must the process be completed?

The pre-packaged insolvency resolution process must be completed within 120 days from the pre-packaged insolvency commencement date under section 54D(1). The 90-day limit only governs submission of the approved plan to the Adjudicating Authority, and 180 or 330 days apply to the regular CIRP.

  1. A90 days
  2. B120 daysCorrect
  3. C180 days
  4. D330 days

Explanation

Section 54D(1) requires the PPIRP to be completed within 120 days from the pre-packaged insolvency commencement date. The 90-day figure is the limit for submitting the approved plan to the Adjudicating Authority, not for completing the process. 180 and 330 days belong to the regular CIRP under section 12.

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