TMI BlogTime-limit for completion of Insolvency Resolution Process [ Section 12 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... (2), the corporate insolvency resolution process 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll not be granted more than once. Mandatory completion of CIRP within 330 days Second 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2017 Time is of essence in seeing whether the corporate body can be put back on its feet, so as to stave off liquidation. M/S. SURENDRA TRADING COMPANY VERSUS M/S. JUGGILAL KAMLAPAT JUTE MILLS COMPANY LIMITED AND OTHERS - 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 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and as being unreasonable restriction on the litigant s right to carry on business under Article 19(1)(g) of the Constitution. The effect of this declaration is that ordinarily the time taken in relation to the CIRP must be completed within the outer limit of 330 days from the insolvency commencement date, including extensions and the time taken in legal proceedings. If the delay or a large p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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