Insertion of new section 11A.
“11A. (1) Where an application filed under section 54C is pending, the Adjudicating Authority shall pass an order to admit or reject such application, before considering any application filed under section 7 or section 9 or section 10 during the pendency of such application under section 54C, in respect of the same corporate debtor.
Disposal of applications under section 54C and under section 7 or section 9 or section 10.
(2) Where an application under section 54C is filed within fourteen days of filing of any application under section 7 or section 9 or section 10, which is pending, in respect of the same corporate debtor,then, notwithstanding anything contained in sections 7, 9 and 10, the Adjudicating Authority shall first dispose of the application under section 54C.
(3) Where an application under section 54C is filed after fourteen days of the filing of any application under section 7 or section 9 or section 10, in respect of the same corporate debtor, the Adjudicating Authority shall first dispose of the application under sections 7, 9 or 10.
(4) The provisions of this section shall not apply where an application under section 7 or section 9 or section 10 is filed and pending as on the date of the commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.”.
6. In section 33 of the principal Act, in sub-section
(3), after the words, “approved by the Adjudicating Authority”, the words, figures, brackets and letter “under Amendment of section 33.
6 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— section 31 or under sub-section (1) of section 54L,” shall be inserted.
Amendment of section 34.
7. In section 34 of the principal Act, in sub-section
(1), after the words and figures, “under Chapter II”, the words, figures and letter “or for the pre-packaged insolvency resolution process under Chapter III-A” shall be inserted.
Insertion of new Chapter III-A.