New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Question

      Can the extension of the period of corporate

    insolvency resolution process be granted more than once as per the IBC section 12?
    A Yes Correct Answer Incorrect Answer
    B No Correct Answer Incorrect Answer
    C May be if the Adjudicating Authority is satisfied with the reason Correct Answer Incorrect Answer
    D May be extended by the Authority on the recommendation of the Board 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: Provided that any extension of the period of corporate insolvency resolution process under this section shall not be granted more than once.

    Practice Next