Section 56 - Time period for completion of fast track corporate insolvency resolution process.

Fast track corporate insolvency timeline permits a limited initial period with a single, discretionary judicial extension after creditor instruction.

Completion of the fast track corporate insolvency resolution process must occur within the prescribed initial period from the insolvency commencement date. The resolution professional files an application to extend that period only on instruction of a committee of creditors resolution and, on such application, the adjudicating authority may grant a discretionary extension where necessary, subject to a single additional time limit and adherence to the procedural requirements led by the committee.