Comment on the following: (iii) Time limit and extension of period in Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.

Corporate insolvency resolution process shall be completed within a period of 180 days from the date of admission of the application by the Adjudicating Authority to initiate such process. However, resolution process can be extended beyond such period, if Committee of the Creditors feels that extension of the time is required to bring the appropriate Resolution to the Corporate Debtor. The Committee may do so by passing resolution with a majority of 75% of voting shares. The Adjudicating Authority on application after the approval of the Committee of Creditors may extend the period by 90 days and the extension will not be granted more than once.