Ins. by Act 26 of 2021, s. 8 (w.e.f. 4-4-2021). — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

1. Ins. by Act 26 of 2021, s. 8 (w.e.f. 4-4-2021). (g) the members of the corporate debtor have passed a special resolution, or at least three-fourth of the total number of partners, as the case may be, of the corporate debtor have passed a resolution, approving the filing of an application for initiating pre-packaged insolvency resolution process. (3) The corporate debtor shall obtain an approval from its financial creditors, not being its related parties, representing not less than sixty-six per cent. in value of the financial debt due to such creditors, for the filing of an application for initiating pre-packaged insolvency resolution process, in such form as may be specified: Provided that where a corporate debtor does not have any financial creditors, not being its related parties, the approval under this sub-section shall be provided by such persons as may be specified. (4) Prior to seeking approval from financial creditors under sub-section (3), the corporate debtor shall provide such financial creditors with— (a) the declaration referred to in clause (f) of sub-section (2); (b) the special resolution or resolution referred to in clause (g) of sub-section (2); (c) a base resolution plan which conforms to the requirements referred to in section 54K, and such other conditions as may be specified; and (d) such other information and documents as may be specified.

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