The Ministry of Corporate Affairs vide its notification dated 9th April 2021 has published the Insolvency and Bankruptcy (prepackaged insolvency resolution process) Rules, 2021 which shall be applicable to matters relating to the pre-packaged insolvency resolution process.
A corporate applicant, shall make an application for initiating pre-packaged insolvency resolution in Form 1, accompanied with affidavit, documents or records in electronic form, along with a fee of rupees fifteen thousand, Provided that in case, electronic facility is not available for filing such application, the application and the accompanying documents may be filed in physical form.
The corporate applicant shall serve a copy of the application to the Board by registered post or speed post or by hand or by electronic means, before filing it with the Adjudicating Authority and shall also inform the Adjudicating Authority about the filing of any winding up petition against the corporate debtor after becoming aware about such filing.
