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Question

What is the time period within which the corporate insolvency resolution process shall mandatorily be completed?

A Two hundred and thirty days from the insolvency commencement date Correct Answer Incorrect Answer
B One hundred and twenty days from the insolvency commencement date Correct Answer Incorrect Answer
C Three hundred and sixty days from the insolvency commencement date Correct Answer Incorrect Answer
D Three hundred and thirty days from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process and the time taken in legal proceedings in relation to such resolution process of the corporate debtor Correct Answer Incorrect Answer
E Three hundred and thirty days from the insolvency commencement date, not including any extension of the period of corporate insolvency resolution process and the time taken in legal proceedings in relation to such resolution process of the corporate debtor Correct Answer Incorrect Answer

Solution

Section 12-Time-limit for completion of insolvency resolution process: 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.

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