(1) 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 resolution of the committee of creditors passed by a vote of sixty-six 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 the fast track corporate insolvency resolution process cannot be completed within ninety days, it may by order extend the duration of such process beyond ninety days by such further period, as it thinks fit, but not exceeding forty-five days.