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IBBI Exempts Lockdown Period From Time Line Of Activity In Relation To CIRP [Read Notification]

LIVELAW NEWS NETWORK
29 March 2020 1:08 PM GMT
IBBI Exempts Lockdown Period From Time Line Of Activity In Relation To CIRP [Read Notification]
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In view of the COVID-19 pandemic, the Insolvency and Bankruptcy Board of India on Sunday issued a regulation stating that the period of lockdown imposed by the Central Government shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.

On Sunday, the IBBI issued the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 to insert Rule 40C in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The newly inserted Regulation states :

"40C. Special provision relating to time-line.

Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency  resolution process."

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