TMI BlogTime period for completion of fast track corporate insolvency resolution process [ Section 56 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... ] Subject to the provisions of sub-section (3), the fast track corporate in solvency resolution process shall be completed within a period of ninety days from the insolvency commencement date. Fast track commencement date means the date of admission of an application by the Adjudicating Authority for initiating the fast track process under Chapter IV of Part II of the Code; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the stipulated 90 days, it may instruct the resolution professional to make an application to the Adjudicating Authority under section 56 to extend the fast track 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. Ext ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The resolution professional shall submit the resolution plan approved by the committee to the Adjudicating Authority, at least fifteen days before the expiry of the maximum period permitted under section 56 for the completion of the fast track corporate insolvency resolution process, with the certification that- (a) the contents of the resolution plan meet all the requiremen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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