IBC 2016 TIME LIMIT 180+90=270 DAYS (330)

[Fahiyaz Ahmmed]

As per IBC Section 12, CIRP is 180 days + 90 days extension (270 days). Why do books mention 330 days? Is extra 60 days due to litigation, amendment, and is it mandatory for exams?

AI Summary

CIRP timeline limits u/s 12: 180+90 days vs 330-day cap including litigation time, clarified by amendment Section 12 of the Insolvency and Bankruptcy Code, 2016 prescribes completion of the corporate insolvency resolution process within 180 days, extendable once by up to 90 days, subject to the adjudicating authority's approval, making 270 days the standard outer limit. The reference to 330 days reflects the statutory outer limit introduced by amendment, which requires completion of the CIRP within 330 days from the insolvency commencement date, including any extension granted and time spent in legal proceedings; consequently, even where extensions or litigation occur, the process is to be concluded within 330 days, subject to adjudicatory discretion as provided in the amended framework.