What are the provisions governing corporate debtor's eligibility to Pre-packaged Insolvency Resolution Process.

Corporate Debtors eligible for Prepacked Insolvency Resolution Professional (PPIRP) provided under Section 54-A of Insolvency & Bankruptcy Code, 2016. It states that: (1) Application for initiation of PPIRP may be made by corporate debtors classified as micro, small and medium enterprises under sub section (1) of Section 7 of the MSME Development Act 2006. (2) Without prejudice to sub section (1) above, an application for initiation of PPIRP may be made by Corporate Debtors who commits a default subject to the following conditions - It has not undergone PPIRP resolution or completed insolvency resolution process during period of three years preceding the initiation date It is not undergoing a corporate insolvency resolution process No order requirements related to liquidation is passed under section 33 Eligible to submit resolution plan under section 29A The financial creditors of the Corporate Debtors not being its related parties Majority of the directors/partners of the Corporate Debtor shall file declaration that they will file application for PPIRP within 90 days that the process is not being initiated to defraud any person the name of Insolvency Professional to be appointed as a resolution professional. The members of corporate debtors have passed a special resolution approving the filing of an application for initiating PPIRP. (3) Approval from creditors not less than 66% of value of financial debt. (4) Prior to seeking approval from financial creditors, declaration by the majority of the directors or partners of the corporate debtor. (5) Base resolution plan under Section 54K. (6) Such other information and documents as may be specified.