Section 54N(1) in Insolvency And Bankruptcy Code, 2016
(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.
