12. (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.
(2) The resolution professional shall file an application to the
Adjudicating Authority to extend the period of the corporate insolvency
resolution process beyond one hundred and eighty days, if instructed to do
so by a resolution passed at a meeting of the committee of creditors by a
vote of seventy-five per cent. of the voting shares.
(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
corporate insolvency resolution process 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 not exceeding ninety days:
Provided that any extension of the period of corporate insolvency resolution
process under this section shall not be granted more than once.