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

Shreeja Fabrics Pvt Ltd, an MSME, has an approved base resolution plan and its pre-packaged insolvency resolution process (PPIRP) has commenced. The resolution professional wants to know the outer limit for completing the whole process. What is the maximum period from the pre-packaged insolvency commencement date?

The PPIRP must be completed within 120 days of the pre-packaged insolvency commencement date. The 90-day period is only the deadline for submitting the committee-approved resolution plan to the Adjudicating Authority, so it is not the outer limit for the whole process.

  1. A90 days
  2. B120 daysCorrect
  3. C150 days
  4. D180 days

Explanation

Section 54D(1) requires the PPIRP to be completed within 120 days from the pre-packaged insolvency commencement date. The figure of 90 days is the separate limit for submitting the approved plan to the Adjudicating Authority, not for completing the process.

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