New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    What is the time period by which the Adjudicating

    Authority may by order extend the duration of corporate insolvency resolution process beyond one hundred and eighty days by such further period ________________
    A But not exceeding thirty days Correct Answer Incorrect Answer
    B But not exceeding sixty days Correct Answer Incorrect Answer
    C But not exceeding ninety days Correct Answer Incorrect Answer
    D But not exceeding one hundred and twenty days Correct Answer Incorrect Answer

    Solution

    Section 12-Time-limit for completion of insolvency resolution process: (3) On receipt of an application under sub-section (2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days.  

    Practice Next