Section 12 of IBC : Section 12: Time-Limit For Completion Of Insolvency Resolution Process
IBC
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Explanation using Example
Imagine a company, XYZ Ltd., is facing financial difficulties and is unable to pay its debts. A creditor files an application for initiating the corporate insolvency resolution process (CIRP) against XYZ Ltd. The application is admitted by the National Company Law Tribunal (NCLT) on January 1, 2023. According to Section 12(1) of the Insolvency and Bankruptcy Code, 2016, the CIRP must be completed within 180 days, which means by June 30, 2023.
However, during the CIRP, the resolution professional realizes that due to the complexity of XYZ Ltd.'s financial and operational structures, the resolution process cannot be completed within the stipulated 180 days. Before the deadline, the resolution professional convenes a meeting of the commit...
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