The IBC permits ‘restoration of CIRP’. What of the following condition needs to be satisfied for the NCLT to order restoration of CIRP?
Under Section 33(1A) of the IBC, the NCLT shall consider an application by the CoC for restoration of CIRP if it is approved by not less than sixty-six per cent of the voting share of the CoC. A restored CIRP must be completed, maximum, within a period of one hundred and twenty days.