New Register for Workshop on How to start for NABARD 2025 (Stepwise Plan) - Apr 26, 7 PM

    Question

    What is the mandatory time limit for the completion of

    the CIRP?
    A Within a period of ninety days from the date of admission of the application to initiate such process Correct Answer Incorrect Answer
    B Within a period of one hundred and eighty days from the date of admission of the application to initiate such process Correct Answer Incorrect Answer
    C Within a period of three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process d. Within a period of three hundred and sixty five days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process Correct Answer Incorrect Answer
    D The Tribunal has been given the discretionary power to decide the time limit for the completion of the CIRP depending on each case Correct Answer Incorrect Answer

    Solution

    Section 12 IBC Section 12-Time-limit for completion of insolvency resolution process- (1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process, (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of, (3) Provided further that the corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty 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.

    Practice Next