Insolvency Resolution under IBC 2016: Complete in 180 Days, Possible 90-Day Extension with 66% Creditor Approval.
The corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, must be completed within 180 days from the application date. An extension beyond 180 days can be sought if approved by 66% of the creditors' committee. The Adjudicating Authority may grant an extension not exceeding 90 days if necessary. The entire process, including extensions and legal proceedings, must be completed within 330 days. If unresolved by the 2019 Amendment Act's commencement, the process must conclude within 90 days from that date. Extensions are limited to one per case.
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