What is the procedure and time required for mutual divorce?

Assuming you are Hindus, Mutual Divorce is recognized under Section 13B of the Hindu Marriage Act.

Section 13B states that the parties can jointly move a petition for dissolution of marriage by a decree of divorce in the District Court on the ground that
 

• they have been living separately for a period of one year or more,
• they have not been able to live together and
• they have mutually agreed that the marriage should be dissolved. 

The Court shall then record the joint statement of the parties and pass a First Motion Order giving them a cooling period of 6 months to resolve their dispute, however in case the parties are unable to resolve the issues within the stipulated time, the Court shall pass a decree of Divorce. So, therefore divorce by mutual consent takes about 6-7 months.

The general rule is that divorce by mutual consent is filed by both parties jointly and their joint statement is recorded in the court which is signed by both in presence of their lawyers and the Family District Judge. This process is repeated twice once when the joint petition is filed also called first motion and after six months, which is referred as second motion. 

After this process is complete, Judge is satisfied of the consent of both for divorce all issues like custody of child if any, permanent alimony and maintenance, issue relating to return of stridhan of the wife and settlement of jointly owned properties, divorce is granted. 

You should enter into a Settlement Agreement with your wife with respect to the terms and conditions of the divorce. This should specify the distribution of assets such as stridhan, maintenance/alimony payable by you post divorce, that this amount would be a full and final payment and no party shall have any other rights as against the other party. And get this agreement signed by 2 witnesses.