CURRENT AFFAIRS

Detailed explanation-1: -It is held within 30 days from insolvency commencement date. Q60. What happens to the CIRP where the interim resolution professional is not appointed as resolution professional by committee of creditors or Adjudicating Authority?

Detailed explanation-2: -(1) Subject to sub-section (2), the corporate insolvency resolution process shall be completed within a period of one hundred and eighty days from the date of admission of the application to initiate such process.

Detailed explanation-3: -Time taken The IBC initially stipulated a 180-day deadline to complete the resolution process, with a permitted 90-day extension. The IBC was subsequently amended to further make the total timeline for completion 330 days- almost a year.

Detailed explanation-4: -The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days. However, in exceptional cases, the said time limit can be extended even beyond 330 days. The Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited v.

Detailed explanation-5: -Now, the liquidator shall complete the liquidation process and ensure the submission of final reports within 270 days, 90 days earlier as compared to the statutory time period of 12 months.