1[Time-limit for completion of pre-packaged insolvency resolution process.
54D.(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.]
Amendment:
1. Inserted by The Insolvency And Bankruptcy Code (Amendment) Ordinance Act, 2021(This ordinance is replaced by The insolvency and Bankrupcy code (Amendment) Act, 2021 w.e.f 04.04.2021.)