Fast track corporate insolvency resolution process time limit omitted after prior ninety-day completion rule and limited extension mechanism. Section 56 of the Insolvency and Bankruptcy Code, 2016, dealing with the time period for completion of the fast track corporate insolvency resolution process, has been omitted with effect from 26-05-2026. Earlier, the provision required completion within ninety days from the insolvency commencement date, with one possible extension of up to forty-five days on application by the resolution professional supported by a seventy-five per cent vote of the committee of creditors and granted by the Adjudicating Authority only if the process could not be completed within ninety days.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fast track corporate insolvency resolution process time limit omitted after prior ninety-day completion rule and limited extension mechanism.
Section 56 of the Insolvency and Bankruptcy Code, 2016, dealing with the time period for completion of the fast track corporate insolvency resolution process, has been omitted with effect from 26-05-2026. Earlier, the provision required completion within ninety days from the insolvency commencement date, with one possible extension of up to forty-five days on application by the resolution professional supported by a seventy-five per cent vote of the committee of creditors and granted by the Adjudicating Authority only if the process could not be completed within ninety days.
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