Liquidation completion timeline governs corporate debtor wind-up, with extension only through a supported application for continuation. The liquidator must complete liquidation of the corporate debtor within one hundred and eighty days from the liquidation commencement date, notwithstanding pending avoidance proceedings. If liquidation is not completed within that period, the liquidator, on instruction from the committee, must seek continuation before the Adjudicating Authority with a report explaining the delay and the additional time required. The liquidator continues to discharge duties until the extension application is decided.
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.
Liquidation completion timeline governs corporate debtor wind-up, with extension only through a supported application for continuation.
The liquidator must complete liquidation of the corporate debtor within one hundred and eighty days from the liquidation commencement date, notwithstanding pending avoidance proceedings. If liquidation is not completed within that period, the liquidator, on instruction from the committee, must seek continuation before the Adjudicating Authority with a report explaining the delay and the additional time required. The liquidator continues to discharge duties until the extension application is decided.
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