Regulation 40 - Extension of the corporate insolvency resolution process period. - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016

Extension of the corporate insolvency resolution process period. 40. (1) The committee may instruct the resolution professional to make an application to the Adjudicating Authority under section 12 to extend the insolvency resolution process period. (2) The resolution professional shall, on receiving an instruction from the committee under this Regulation, make an application to the Adjudicating Authority for such extension. 1 [ Clarification: It is clarified that the resolution professional shall continue to discharge his responsibilities under the corporate insolvency resolution process, till the application for extension is decided by the Adjudicating Authority. ] **************** Notes:- 1. Inserted vide Notification No. IBBI/2023-24/GN/REG113 dated 15-02-2024