31 of 2016.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3 “Provided further that the Central Government may, by notification, specify such minimum amount of default of higher value, which shall not be more than one crore rupees, for matters relating to the prepackaged insolvency resolution process of corporate debtors under Chapter III-A.”.
3. In section 5 of the principal Act,— Amendment of section 5.
(i) after clause (2), the following clause shall be inserted, namely: — ‘(2A) “base resolution plan” means a resolution plan provided by the corporate debtor under clause (c) of sub-section (4) of section 54A;’;
(ii) in clause (5), in sub-clause (b), after the words “corporate insolvency resolution process”, the words “or the pre-packaged insolvency resolution process, as the case may be,” shall be inserted;
(iii) in clause (11), after the words “corporate insolvency resolution process”, the words “or prepackaged insolvency resolution process, as the case may be” shall be inserted;
(iv) inclause (15), after the words, “process period”, the words “or by the corporate debtor during the pre-packaged insolvency resolution process period, as the case may be,” shall be inserted;
(v) in clause (19), after the words “for the purposes of”, the words and figures “Chapter VI and” shall be inserted;
(vi) after clause (23), the following clauses shall be inserted, namely: — ‘(23A)“preliminary information” means a memorandum submitted by the corporate debtor under clause (b) of sub-section (1) of section 54G;
(23B)“pre-packaged insolvency date” means the date of admission of an application for initiating the pre-packaged insolvency resolution process by the Adjudicating Authority under clause (a) of sub-section (4) of section 54C;
4 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— (23C) “pre-packaged insolvency resolution process costs” means—
(a) the amount of any interim finance and the costs incurred in raising such finance;
(b) the fees payable to any person acting as a resolution professional and any expenses incurred by him for conducting the pre-packaged insolvency resolution process during the prepackaged insolvency resolution process period, subject to sub-section (6) of section 54F;
(c) any costs incurred by the resolution professional in running the business of the corporate debtor as a going concern pursuant to an order under sub-section (2) of section 54J;
(d) any costs incurred at the expense of the Government to facilitate the pre-packaged insolvency resolution process; and
(e) anyother costs as may be specified;
(23D) “pre-packaged insolvency resolution process period” means the period beginning from the pre-packaged insolvency commencement date and ending on the date on which an order under sub-section (1) of section 54L, or sub-section (1) of section 54N, or sub-section (2) of section 54-O, as the case may be, is passed by the Adjudicating Authority;’;
(vii) in clause (25), after the words, brackets and figures “of sub-section (2) of section 25”, the words, figures and letter “or pursuant to section 54K, as the case may be” shall be inserted;
(viii) in clause (27), after the words “corporate insolvency resolution process”, the words “or the prepackaged insolvency resolution process, as the case may be,” shall be inserted.
Amendment of section 11.
4. In section 11 of the principal Act,—
(i) in clause (a), after the words “corporate insolvency resolution process”, the words “or a prepackaged insolvency resolution process” shall be inserted;
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 5
(ii) after clause (a), the following clause shall be inserted, namely:–– “(aa) a financial creditor or an operational creditor of a corporate debtor undergoing a prepackaged insolvency resolution process; or”;
(iii) after clause (b), the following clause shall be inserted, namely:— “(ba) a corporate debtor in respect of whom a resolution plan has been approved under Chapter III-A, twelve months preceding the date of making of the application; or”.