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

Sunrise Textiles Ltd, an MSME corporate debtor, has its pre-packaged insolvency resolution process (PPIRP) commence on 1 March. Counting from that pre-packaged insolvency commencement date, within how many days must the PPIRP as a whole be completed?

The PPIRP must be completed within 120 days from the pre-packaged insolvency commencement date. Section 54D(1) fixes this overall period. The 90-day period is only for submitting the approved resolution plan, and 180 or 330 days apply to the ordinary 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 separate deadline for submitting the approved plan to the Adjudicating Authority, not for completing the process. The 180 and 330 day figures belong to the regular CIRP under Section 12.

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