(1) The pre-packaged insolvency resolution process shall be completed within a period of one hundred and twenty days from the pre-packaged insolvency commencement date.
(2) Without prejudice to sub-section (1), the resolution professional shall submit the resolution plan, as approved by the committee of creditors, to the Adjudicating Authority under sub-section (4) or subsection (12), as the case may be, of section 54K, within a period of ninety days from the pre-packaged insolvency commencement date.
(3) Where no resolution plan is approved by the committee of creditors within the time period referred to in sub-section (2), the resolution professional shall, on the day after the expiry of such time period, file an application with the Adjudicating Authority for termination of the pre-packaged insolvency resolution process in such form and manner as may be specified.
1. Inserted vide Insolvency and Bankruptcy Code (Amendment) Act, 2021 notification dated 11.08.2021, effective from 04.04.2021. The Ordinance dated 04.04.2021 stands repealed. To view the notification, Click Here
2. Inserted vide The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 dated 04.04.2021. To view the notification, Click Here