Question
What is the required percentage of voting shares by the
committee of creditors to instruct the resolution professional to apply for an extension of the corporate insolvency resolution process beyond 180 days?Solution
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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