(1) Subject to the provisions of sub-section (3), the fast track corporate insolvency resolution process shall be completed within a period of ninety days from the insolvency commencement date.
(2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the fast track corporate insolvency resolution process beyond ninety days if instructed to do so by a resolution passed at a meeting of the committee of creditors and supported by a vote of seventy five percent of the voting share.
(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 fast track corporate insolvency resolution process cannot be completed within a period of ninety days, it may, by order, extend the duration of such process beyond the said period of ninety days by such further period, as it thinks fit, but not exceeding forty-five days:
Provided that any extension of the fast track corporate insolvency resolution process under this section shall not be granted more than once.
Insolvency and Bankruptcy Code 2016
Section 51 Orders of Adjudicating Authority in respect of extorionate credit transactions
Section 52 Secured creditor in liquidation proceedings
Section 53 Distribution of assets
Section 54 Dissolution of corporate debtor
CHAPTER IV FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS
Section 55 Fast track corporation insolvency resolution process
Section 56 Time period for completion of fast track corporate insolvency resolution process
Section 57 Manner of initiating fast track corporate insolvency resolution process
Section 58 Applicability of Chapter II to this Chapter
CHAPTER V VOLUNTARY LIQUIDATION OF CORPORATE PERSONS
Section 59 Voluntary liquidation of corporate persons
CHAPTER VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS