Pre Packaged Insolvency under IBC, 2016
Chapter III-A is in Part 2 of IBC, 2016. Part 2 of IBC is titled as Insolvency Resolution and Liquidation for Corporate Persons.
Chapter III-A of IBC, 2016 deals with pre packaged insolvency resolution process under IBC, 2016. This chapter was introduced through an Amendment Act, 2021. This chapter was introduced in IBC after COVID.
S.54A (3) of IBC requires approval of financial creditors representing not less than 66% in value of financial debt.
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