Anantha Pvt. Ltd. is an MSME under Section 7 (1) of Micro, Small and Medium Enterprises Development Act, 2006 has committed a default of ₹ 12 lakh. One of its director wants to file application for Pre-Packed Insolvency

Pre-Packaged Insolvency Resolution Process (PPIRP) is introduced in Insolvency & Bankruptcy Code, 2016 by way of Chapter III-A consisting of sections 54A to 54 P. 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. Following MSME cannot opt for PPIRP: MSME which has completed PPIRP or completed Corporate Insolvency Resolution Process (CIRP), as the case may be, during the period of three years preceding the initiation date; MSME which is undergoing a CIRP; MSME which is undergoing a liquidation u/s 33; and MSME not eligible to submit a resolution plan under section 29A. To evidence that the CD is an MSME, the application shall attach either a copy of the latest and updated Udyam Registration Certificate or proof of investment in plant and machinery or equipment and turnover as per Notification No. 2119(E) dated 26th June, 2020 of the Ministry of MSMEs.