Question

Corporate Insolvency Resolution Process (CIRP) shall be completed within a period of ___________ days from the date of admission of the application by the Adjudicating Authority.

• A. 30
• B. 60
• C. 90
• D. 180

Hint:

The standard timeline for CIRP under IBC is 180 days. Think of it as a 6-month window to resolve the company's insolvency.

Answer 1

The Correct Option is D

This question refers to the timeline for the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016.

Section 12(1) of the IBC mandates that the CIRP must be completed within a period of 180 days from the date the application is admitted by the Adjudicating Authority (the NCLT).

The code also provides for a one-time extension of up to 90 days in exceptional circumstances.

However, the initial, standard period for completion is 180 days.