Power to extend period of insolvency proceedings

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(1)Where the inquiry officer, showing a reasonable reason why the financial situation of the company cannot be inquired into within the period of inquiry as specified pursuant to Sub-section (2) of Section 13, makes an application to the Court for the extension of that period, the Court may, if it finds the reasonable
ground , extend the period as appropriate.
(2) Where the period of inquiry is extended pursuant to Subsection (1), the information thereof shall be given to the concerned company.

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Power to extend period of insolvency proceedings

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