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

In the PPIRP of Kaveri Textiles Ltd, the committee of creditors approved a resolution plan. The resolution professional wants to know the deadline for submitting the approved plan to the Adjudicating Authority. What is the correct position?

The resolution professional must submit the CoC-approved plan to the Adjudicating Authority within 90 days from the pre-packaged insolvency commencement date under section 54D(2). The 120-day period is the overall limit for completing the process, and the 90 days is not counted from CoC constitution or approval.

  1. AWithin 90 days from the pre-packaged insolvency commencement dateCorrect
  2. BWithin 120 days from the pre-packaged insolvency commencement date
  3. CWithin 90 days from the date the CoC is first constituted
  4. DWithin 30 days from the date of plan approval by the CoC, without any outer limit

Explanation

Section 54D(2) requires the RP to submit the CoC-approved plan to the Adjudicating Authority within 90 days from the pre-packaged insolvency commencement date. The 120 days is the limit for completing the whole process. The period is counted from commencement date, not from CoC constitution or plan approval.

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