Time-limit for completion of pre-packaged insolvency resolution process [Section 54D] - Insolvency Resolution And Liquidation For Corporate Persons - IBC

Time-limit for completion of pre-packaged insolvency resolution process [ Section 54D ] (1) The pre-packaged insolvency resolution process shall be completed within a period of 120 days from the pre-packaged insolvency commencement date. (2) Without prejudice to section 54D(1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or sub-section (12), as the case may be, of section 54K , within a period of 90 days from the pre-packaged insolvency commencement date. (3) Where no resolution plan is approved by the committee of creditors within the time period referred to in section 54D(2) , the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified.