(1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.
(2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of seventy-five per cent of the voting shares.
(3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days:
Provided that any extension of the period of corporate insolvency
resolution process
under this section shall not be granted more than once.
Insolvency and Bankruptcy Code 2016
Section 11 Persons not entitled to make application
Section 12 Time-limit for completion of insolvency resolution process
Section 13 Declaration of moratorium and public announcement
Section 15 Public announcement of corporate insolvency resolution process
Section 16 Appointment and tenure of interim resolution professional
Section 17 Management of affairs of corporate debtor by interim resolution professional
Section 18 Duties of interim resolution professional
Section 19 Personnel to extend cooperation to interim resolution professional
Section 20 Management of operations of corporate debtor as going concern