Section 54 H ¹[Management of affairs of corporate debtor.

During the pre-packaged insolvency resolution process period, —

(a) the management of the affairs of the corporate debtor shall continue to vest in the Board of Directors or the partners, as the case may be, of the corporate debtor, subject to such conditions as may be specified;

(b) the Board of Directors or the partners, as the case may be, of the corporate debtor, shall make every endeavour to protect and preserve the value of the property of the corporate debtor, and manage its operations as a going concern; and

(c) the promoters, members, personnel and partners, as the case may be, of the corporate debtor, shall exercise and discharge their contractual or statutory rights and obligations in relation to the corporate debtor, subject to the provisions of this Chapter and such other conditions and restrictions as may be prescribed.]

Foot note:

¹. Inserted by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 with effect from 04th April, 2021 and enacted by Insolvency and Bankruptcy Code (Amendment) Act, 2021 with effect from 4th day of April, 2021.