Time period for completion of fast track corporate insolvency resolution process [ Section 56 ]

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....ion (3), the fast track corporate in solvency resolution process shall be completed within a period of ninety days from the insolvency commencement date. * "Fast track commencement date" means the date of admission of an application by the Adjudicating Authority for initiating the fast track process under Chapter IV of Part II of the Code; * Extension: The Adjudicating Authority may ....

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....lication to the Adjudicating Authority under section 56 to extend the fast track process period. * (2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension. Extension of time Limit by Adjudicating authority [ Section 56(3) ] * On receipt of an application under sub-sectio....

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....before the expiry of the maximum period permitted under section 56 for the completion of the fast track corporate insolvency resolution process, with the certification that- * (a) the contents of the resolution plan meet all the requirements of the Code and the Regulations; and * (b) the resolution plan has been approved by the committee: * Provided that the timeline specified in this sub-re....