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CS Professional · Corporate Restructuring, Valuation and Insolvency · Pre-Packaged Insolvency Resolution Process

Sundaram Auto Components Pvt Ltd, an MSME, is in a pre-packaged insolvency resolution process (PPIRP) that commenced on 1 March. The committee of creditors (CoC) approved a resolution plan, and the resolution professional (RP) must now submit it to the Adjudicating Authority. By when must the RP submit the CoC-approved plan, counted from the pre-packaged insolvency commencement date?

The RP must submit the CoC-approved resolution plan to the Adjudicating Authority within ninety days of the pre-packaged insolvency commencement date. The one hundred and twenty day limit applies to completion of the entire process, not to submission of the plan.

  1. AWithin 60 days
  2. BWithin 90 daysCorrect
  3. CWithin 120 days
  4. DWithin 180 days

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-day period is the outer limit for completing the whole process, so it is not the submission deadline.

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