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CS Professional · Insolvency and Bankruptcy - Law and Practice · Corporate Insolvency Resolution Process

Sahyadri Components Pvt Ltd is admitted into fast track corporate insolvency resolution process on 1 March. Counting from the insolvency commencement date, within how many days must the process ordinarily be completed?

A fast track corporate insolvency resolution process must ordinarily be completed within ninety days from the insolvency commencement date. The 180-day period belongs to the regular process, and 45 days is only the maximum extension the Adjudicating Authority may grant.

  1. ANinety daysCorrect
  2. BOne hundred and eighty days
  3. CForty-five days
  4. DOne hundred and thirty-five days

Explanation

Section 56(1) requires a fast track process to be completed within ninety days from the insolvency commencement date. One hundred and eighty days is the period for the ordinary process, as in section 15(1)(f). Forty-five days is only the maximum further extension.

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