Liquidation timeframe: liquidator must seek authority approval if unable to complete liquidation within the prescribed period. The liquidator must liquidate the corporate debtor within one year from the liquidation commencement date despite pending avoidance applications; if unable to complete liquidation within that period, the liquidator must apply to the Adjudicating Authority for continuation and file a report explaining the delay and specifying additional time required. Transitional provisions preserve earlier requirements for liquidation processes started before the amendment.