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Question

The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of______________

A Ninety per cent of the voting shares Correct Answer Incorrect Answer
B Sixty-six per cent of the voting shares Correct Answer Incorrect Answer
C Fifty-one per cent of the voting shares Correct Answer Incorrect Answer
D Seventy-five per cent of the voting shares Correct Answer Incorrect Answer
E Majority of the members present and voting Correct Answer Incorrect Answer

Solution

IBC Section 12-Time-limit for completion of insolvency resolution process: (2) The resolution professional shall file an application to the Adjudicating Authority to extend the period of the corporate insolvency resolution process beyond one hundred and eighty days, if instructed to do so by a resolution passed at a meeting of the committee of creditors by a vote of sixty-six per cent. of the voting shares.

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