(1) Subject to sub-section (2), the creditor-initiated insolvency resolution process shall be completed within a period of one hundred and fifty days from the creditor-initiated insolvency commencement date.
(2) The Adjudicating Authority may, on the application made by the resolution professional, with the approval of the committee of creditors, by a vote of not less than sixty-six per cent. of the voting share, extend the period under sub-section (1), by a period of not more than forty-five days:
Provided that any extension of the period of the creditor-initiated insolvency resolution process under this section shall not be granted more than once.
(3) Where no resolution plan is approved by the committee of creditors within the period stipulated in sub-section (1) or the extended period under sub-section (2), the Adjudicating Authority shall pass an order under sub-section (1) of section 58H.