Section 44(2) in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 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.
