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Which one of the following statements best describes the term ‘Pre-Pack Insolvency Resolution’?
It allows creditors and debtors to work on an informal plan and then submit it for approval.
It sets a minimum amount that a company has to pay in case of insolvency.
It provides for the control of experts on the company’s management after start of insolvency process.
It is a resolution plan solely prepared by creditors to defaulting company’s management before starting an insolvency process.
IBC Amendment Ordinance 2021 amends the Insolvency and Bankruptcy Code, 2016.
Hence option 1st is correct.
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