What is the time limit for completion of the corporate insolvency resolution process under the IBC Code, 2016? A resolution process could not be completed within the specified time limit, what recourse is available to th

Section 12(1) of the Insolvency and Bankruptcy Code, 2016 lays down that subject to sub-section (2), the corporate insolvency resolution process (CIRP) shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process. Section 12(2) of the Code provides that the resolution professional shall file an application to the NCLT to extend the period of the CIRP beyond one hundred and eighty days, if he is instructed to do so by a resolution passed in a meeting of the committee of creditors (CoC) by a vote of sixty-six per cent of the voting shares. Section 12(3) of the Code provides that if the NCLT is satisfied that the subject matter of the case is such that CIRP cannot be completed within one hundred and eighty days, it may by order extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but such period cannot exceed ninety days.