PPIRP Timeline explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
A Pre-Packaged Insolvency Resolution Process must be completed within 120 days from commencement. The corporate debtor submits its Base Resolution Plan within two days; if that plan does not impair operational creditor claims the CoC may simply approve it, and if the CoC rejects it or it does impair those claims the RP must invite competing plans in Form P11 within 21 days.
The first two days
| Who | What | By when |
|---|---|---|
| Corporate debtor | List of claims (Form P10) — creditors, security interests and guarantees | Within 2 days of commencement |
| Corporate debtor | Preliminary Information Memorandum (PIM) — relevant information for preparing a resolution plan | Within 2 days |
| Corporate debtor | Base Resolution Plan to the RP | Within 2 days |
| Resolution Professional | Public announcement in Form P9, per Regulation 19 | Within 2 days |
Throughout, the RP exercises the powers and performs the duties specified under section 54F, while management remains with the board or partners.
The branch point — does the BRP impair operational creditors?
If the Base Resolution Plan does not impair claims owed to operational creditors, the CoC may approve it for submission to the Adjudicating Authority. The process remains what its name suggests — a plan agreed in advance, confirmed quickly.
If the CoC rejects the BRP, or the BRP impairs operational creditor claims, the RP must invite other resolution applicants to submit competing plans. The process becomes a competitive one inside the same 120 days.
For a promoter designing a BRP, the practical consequence is direct: a plan that pays operational creditors in full avoids opening the company to third-party bids. A plan that takes a haircut on them invites competition for the business.
The competing-plan route
Where competing plans are required, the RP publishes a notice using Form P11 within 21 days from the commencement of the PPIRP, in accordance with Regulation 43. The invitation must include:
- the steps and processes involved, with corresponding timelines;
- the evaluation criteria; and
- the parameters for determining the outcome.
Twenty-one days out of 120 is a sixth of the whole process. Once the competing-plan route opens, the remaining schedule is tight — which is itself a reason the BRP's treatment of operational creditors should be settled before filing.
Revising the Base Resolution Plan
The BRP can be revised with the approval of the Committee of Creditors. That gives a route to fix an impairment problem after commencement — a revised plan that no longer impairs operational creditors can be approved without opening competition — but it consumes time inside the 120 days and requires the committee to agree.
Planning the 120 days backwards
- Day 0 — commencement.
- Day 2 — Form P10, PIM, BRP to the RP, Form P9 public announcement.
- Day 21 — outer limit for the Form P11 invitation, if the competing-plan route is triggered.
- Middle period — claims collation, CoC constitution, evaluation of the BRP or of competing plans.
- Day 120 — the process must be complete.
Because everything before day 2 has to be ready before filing, the real preparation window is the period before the application, not after it.
Compliance checklist
- Finalise the BRP, PIM and Form P10 list before filing the application.
- Decide deliberately whether the BRP impairs operational creditors — it determines the route.
- If competition is triggered, publish Form P11 within 21 days with steps, timelines, evaluation criteria and parameters.
- Where the BRP needs revision, obtain CoC approval and account for the time cost.
- Work the whole plan to a 120-day outer limit.
- Confirm the RP is discharging section 54F duties while management stays with the board.
Common mistakes
- Preparing the BRP after commencement.
- Impairing operational creditors without realising it opens competition.
- Missing the 21-day Form P11 deadline once the route is triggered.
- An invitation that omits evaluation criteria or timelines.
- Treating 120 days as extendable in the way a CIRP is.