56. (1) Subject to the provisions of sub-section (3), the fast track
corporate insolvency resolution process shall be completed within a period
of ninety days from the insolvency commencement date.
(2) The resolution professional shall file an application to the
Adjudicating Authority to extend the period of the fast track corporate
insolvency resolution process beyond ninety days if instructed to do so by a
esolution passed at a meeting of the committee of creditors and supported by
a vote of seventy five percent of the voting share.
(3) On receipt of an application under sub-section (2), if the Adjudicating
Authority is satisfied that the subject matter of the case is such that fast
track corporate insolvency resolution process cannot be completed within a
period of ninety days, it may, by order, extend the duration of such process
beyond the said period of ninety days by such further period, as it thinks
fit, but not exceeding forty-five days:
Provided that any extension of the fast track corporate insolvency
resolution process under this section shall not be granted more than once.