Time-limit for completion of Insolvency Resolution Process [ Section 12 ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ss shall be completed within a period of 180 days from the date of admission of the application to initiate such process. Voting Share required to extend the time limit for completion of CIRP [ Section 12(2) ] * The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond 180 days, if instructed to....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Proviso * Provided further that the corporate insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under this section and the time taken in legal proceedings in relation to such resolution process of the corporate debtor. * Manda....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....- SC dated 19.09.2017 * The statutory scheme laying down time limits sends a clear message that time is the essence of the Code * Arcelormittal India Pvt. Ltd. Vs. Satish Kumar Gupta & Ors. SC, dated 04.10.2018 * Section 12, construed in the light of the object sought to be achieved by the Code, and in the light of the consequence provided by section 33, makes it clear that the periods menti....