A practicing lawyer has sought your advice whether it is possible to terminate pre-packaged insolvency resolution process under Insolvency and Bankruptcy Code, 2016. Comment.

(1) Where the resolution professional files an application with the Adjudicating Authority. - (a) under the proviso to sub-section (12) of section 54K; or (b) under sub-section (3) of section 54D, the Adjudicating Authority shall, within thirty days of the date of such application, by an order, - I. terminate the pre-packaged insolvency resolution process: and II. provide for the manner of continuation of proceedings initiated for avoidance of transactions under Chapter III or proceedings initiated under section 66 and section 67A, if any. (2) Where the resolution professional, at any time after the pre-packaged insolvency commencement date, but before the approval of resolution plan under sub-section (4) or sub-section (12), as the case may be, of section 54K. intimates the Adjudicating Authority of the decision of the committee of creditors, approved by a vote of sixty-six per cent of the voting shares, to terminate the pre-packaged insolvency resolution process, the Adjudicating Authority shall pass an order under sub-section (1). (3) Where the Adjudicating Authority passes an order under sub-section (1), the corporate debtor shall bear the pre-packaged insolvency resolution process costs, if any. Considering the above provisions, it is possible to terminate the pre-packaged insolvency resolution process under Insolvency and Bankruptcy Code, 2016 in the manner stated above.