(1) Where the pre-packaged insolvency resolution process is terminated under section 54N, the committee of creditors may, by a vote of not less than sixty-six per cent. of the voting shares, resolve to initiate a corporate insolvency resolution process in respect of the corporate debtor.

(2) Where the committee of creditors passes a resolution under sub-section (1), the resolution professional shall file an application before the Adjudicating Authority within such time as may be specified for the initiation of a corporate insolvency resolution process.

(3) Upon the filing of an application under sub-section (2), the provisions of Chapter II shall apply.