What do you mean by Pre-packaged Insolvency Resolution Process (PPIRP)? What is the eligibility and time-limit for completion of PPIRP?

Pre-Packaged Insolvency Resolution Process (PPIRP): PPIRP is introduced in the Insolvency and Bankruptcy Code, 2016, by way of Chapter III-A consisting of section 54A to 54 P w.e.f. 4th April, 2021. This is a new opportunity for micro, small or medium enterprise to come out of Covid Pandemic and resolve their insolvency as "One time settlement with creditors" with the approval of Adjudicating Authority while corporate debtor (CD) is run by existing promoters. Eligibility: When 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, commits minimum default of ₹10 lakhs, it can opt for PPIRP. The Central Government can increase minimum default limit to ₹1 crore. Time-limit for completion of PPIRP: PPIRP shall be completed within 120 (one hundred and twenty) days from the pre-packaged insolvency commencement date (PPICD). Resolution Professional (RP) shall submit approved resolution plan to the Adjudicating Authority within 90 days of PPICD. If committee of creditors (CoC) does not approve resolution plan within 90 days, RP shall submit an application with the Adjudicating Authority for termination of PPIRP.