(1) The Adjudicating Authority may pass an order terminating the pre-packaged insolvency resolution process, if—

1. the resolution plan is not submitted to the Adjudicating Authority within the time specified under section 54D;
2. the resolution plan is rejected by the Adjudicating Authority under sub-section (3) of section 54L; or
3. the committee of creditors, by a vote of not less than sixty-six per cent. of the voting shares, resolves to terminate the pre-packaged insolvency resolution process at any time before the approval of the resolution plan.

(2) Where the Adjudicating Authority passes an order terminating the pre-packaged insolvency resolution process, the moratorium order shall cease to have effect.