Time limits in corporate insolvency: creditor-authorised extensions and adjudicating authority discretion balance resolution and liquidation risk. Section 12 sets a statutory timeframe for completing the Corporate Insolvency Resolution Process, permits the resolution professional to seek an extension from the Adjudicating Authority when authorized by a committee of creditors' resolution, and authorises the Adjudicating Authority to grant a limited further period if completion within the initial timeframe is not feasible, while aggregating extensions and time in legal proceedings into an outer temporal constraint.
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.
Time limits in corporate insolvency: creditor-authorised extensions and adjudicating authority discretion balance resolution and liquidation risk.
Section 12 sets a statutory timeframe for completing the Corporate Insolvency Resolution Process, permits the resolution professional to seek an extension from the Adjudicating Authority when authorized by a committee of creditors' resolution, and authorises the Adjudicating Authority to grant a limited further period if completion within the initial timeframe is not feasible, while aggregating extensions and time in legal proceedings into an outer temporal constraint.
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