State Bank of India filed an application against Farah Khan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The applicant sought an extension of 60 days to file a report on the decision of the creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor. The Resolution Professional is required to file a report showing either approval or rejection of the repayment plan within 120 days from the commencement of the Insolvency Resolution Process. The creditors are considering the repayment plan and require further time to improve it and obtain internal approvals. The timeline for completion of Insolvency Resolution Process is 180 days as per Section 101.

State Bank of India filed an application against Farah Khan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The applicant sought an extension of 60 days to file a report on the decision of the creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor. The Resolution Professional is required to file a report showing either approval or rejection of the repayment plan within 120 days from the commencement of the Insolvency Resolution Process. The creditors are considering the repayment plan and require further time to improve it and obtain internal approvals. The timeline for completion of Insolvency Resolution Process is 180 days as per Section 101.