Fast track insolvency time limits: committee-approved extension and single limited adjudicating authority extension govern completion and liquidation. The fast track corporate insolvency resolution process must be completed within a prescribed period from commencement; the committee of creditors may, by supermajority instruction, direct the resolution professional to seek an extension from the Adjudicating Authority. The resolution professional must file the committee approved resolution plan within a pre expiry window, and the Adjudicating Authority may grant a single limited extension if satisfied completion is impracticable. Failure to receive or approval of a compliant plan within the permitted period leads to initiation of liquidation and statutory notification.
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 insolvency time limits: committee-approved extension and single limited adjudicating authority extension govern completion and liquidation.
The fast track corporate insolvency resolution process must be completed within a prescribed period from commencement; the committee of creditors may, by supermajority instruction, direct the resolution professional to seek an extension from the Adjudicating Authority. The resolution professional must file the committee approved resolution plan within a pre expiry window, and the Adjudicating Authority may grant a single limited extension if satisfied completion is impracticable. Failure to receive or approval of a compliant plan within the permitted period leads to initiation of liquidation and statutory notification.
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