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A Corporate Debtor who has committed a default of at least Rs.10,00,000/- (Rupees Ten Lakh Only) is eligible to make an application before the AA for initiation of PIRP. In a case where there is a default of an amount above Rs.1,00,00,000/- (Rupees One Crore Only), PIRP will not apply. the MSME which is applying for initiation of PIRP should not have undergone PIRP or should not have completed CIRP, during the 3 (three) years preceding the initiation date of PIRP; CIRP and PIRP cannot run simultaneously. Therefore, the MSME should not be undergoing any CIRP
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