Section 44 in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
44. Completion of liquidation.
- [(1) The liquidator shall liquidate the corporate debtor within a period of one year from the liquidation commencement date, notwithstanding pendency of any application for avoidance of transactions under Chapter III of Part II of the Code,before the Adjudicating Authority or any action thereof:Provided that where the sale is attempted under sub-regulation (1) of regulation 32A, the liquidation process may take an additional period up to ninety days.] [Substituted by Notification No. IBBI/2019-20/GN/REG047, dated 25.7.2019 (w.e.f. 15.12.2016).](2)If the liquidator fails to liquidate the corporate debtor within [one years] [Substituted 'two years' by Notification No. IBBI/2019-20/GN/REG047, dated 25.7.2019 (w.e.f. 15.12.2016).], he shall make an application to the Adjudicating Authority to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation.
