Q. Consider the following statements in reference to Pre Packaged Insolvency Resolution Process (PPIRP).

Which of the statements given above is/are correct?

1 only

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2 only

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Both 1 and 2

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Neither 1 nor 2

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Solution

The correct option is A 1 only
Explanation:

Statement 1 is correct: The PPIRP aims to provide a quicker, cost-effective and less invasive insolvency regime for micro, small and medium enterprises. A corporate debtor(CD), which is an MSME under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006, is eligible to apply for initiation of PPIRP.

Statement 2 is incorrect: In order to prevent the sustained delays under Corporate Insolvency Resolution Process, the process under PPIRP has a maximum time of 120 days with only 90 days available to stakeholders to bring a resolution plan for approval before the NCLT.

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Q. Consider the following statements in reference to Pre Packaged Insolvency Resolution Process (PPIRP). Which of the statements given above is/are correct?

Q. Consider the following statements in reference to Pre Packaged Insolvency Resolution Process (PPIRP).

Which of the statements given above is/are correct?