insufficient to meet the debts in full; and

section 326 of the Companies Act, 2013 (18 of 2013).

54. Dissolution of corporate debtor. -
(1) Where the assets of the corporate debtor have been completely liquidated, the
liquidator shall make an application to the Adjudicating Authority for the dissolution of such
corporate debtor.
(2) The Adjudicating Authority shall on application filed by the liquidator under
sub-section (1) order that the corporate debtor shall be dissolved from the date of that order
and the corporate debtor shall be dissolved accordingly.
(3) A copy of an order under sub-section (2) shall within seven days from the date
of such order, be forwarded to the authority with which the corporate debtor is registered.

1[CHAPTER III-A

PRE-PACKAGED INSOLVENCY RESOLUTION

PROCESS

54A. Corporate debtors eligible for pre-packaged insolvency resolution process.

(1) An application for initiating pre-packaged insolvency resolution process may be

made in respect of a corporate debtor classified as a micro, small or medium enterprise under
sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act,
2006.

(2) Without prejudice to sub-section (1), an application for initiating pre-packaged

insolvency resolution process may be made in respect of a corporate debtor, who commits a
default referred to in section 4, subject to the following conditions, that

(a) it has not undergone pre-packaged insolvency resolution process or completed

corporate insolvency resolution process, as the case may be, during the period of three
years preceding the initiation date;

(b) it is not undergoing a corporate insolvency resolution process;

(c) no order requiring it to be liquidated is passed under section 33;

(d) it is eligible to submit a resolution plan under section 29A;

1 Ins. by Act No. 26 of 2021, sec.8 (w.e.f. 04-04-2021).

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