Section 4 - Amendment of section 12. - Insolvency and Bankruptcy Code (Amendment) Act, 2019

Amendment of section 12. 4. In section 12 of the principal Act, in sub-section (3), after the proviso, the following provisos shall be inserted, namely:- 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: Provided also that where the insolvency resolution process of a corporate debtor is pending and has not been completed within the period referred to in the second proviso, such resolution process shall be completed within a period of ninety days from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019. .