Under Section 12 of the Insolvency and Bankruptcy Code, 2016, the Corporate Insolvency Resolution Process must ordinarily be completed within which time frame, including the permissible extension?

Section 12(1) of the Insolvency and Bankruptcy Code, 2016 requires the Corporate Insolvency Resolution Process to be completed within 180 days from the date of admission of the application. Under section 12(3), the committee of creditors may by resolution extend this period once by up to 90 days, and the proviso to section 12(3) declares that the resolution process shall be mandatorily completed within 330 days from the admission date. Any period beyond 330 days cannot be sanctioned by the adjudicating authority. Hence the outer ceiling is 330 days, and options that allow extensions beyond it, or deny any extension, or split the period into initiation and completion phases are incorrect.