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

The Adjudicating Authority is satisfied that the fast track process of Sahyadri Foods Ltd cannot finish in ninety days and grants an extension. What is the maximum further period it may allow, and how often can an extension be granted?

The Adjudicating Authority may extend the fast track process by a further period it thinks fit, but not more than forty-five days, and an extension cannot be granted more than once. The maximum duration is therefore ninety days plus forty-five days.

  1. AUp to forty-five days, and only onceCorrect
  2. BUp to ninety days, and only once
  3. CUp to forty-five days, and twice
  4. DUp to sixty days, and twice

Explanation

Section 56(3) allows the Adjudicating Authority to extend by such further period as it thinks fit but not exceeding forty-five days. The proviso states an extension shall not be granted more than once. So the total outer limit is 90 + 45 days.

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