Regulation - 44, Completion of liquidation.
Regulation - 44, Completion of liquidation.
Completion of liquidation.
(1) The liquidator shall liquidate the corporate debtor within a period of two years.
(2) If the liquidator fails to liquidate the corporate debtor within two years, 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.
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