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Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (12) TMI Tri This

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2020 (12) TMI 641 - Tri - Insolvency and Bankruptcy


Issues:
- Urgent hearing sought for IA No. 329/2020
- Exclusion of lockdown period from liquidation process period

Issue 1: Urgent hearing sought for IA No. 329/2020
The applicant filed IA No. 328/2020 seeking an urgent hearing for IA No. 329/2020. The Tribunal allowed IA No. 328/2020, leading to the consideration of IA No. 329/2020 for hearing. Consequently, CA No. 328/2020 was disposed of.

Issue 2: Exclusion of lockdown period from liquidation process period
The Liquidator of M/s. Dunn Foods Pvt. Ltd. filed IA No. 329/2020 under relevant regulations seeking the exclusion of the lockdown period from the liquidation process timeframe. The liquidation process period, originally set to expire on 05.02.2020, was extended by six months. However, due to the nationwide lockdown from 25.03.2020 to 30.06.2020, the liquidation process could not be completed. The applicant cited the orders of the Hon'ble Supreme Court of India, National Company Law Appellate Tribunal, and regulations issued by the Insolvency and Bankruptcy Board of India in support of the request for exclusion of the lockdown period. The Tribunal, considering the circumstances and legal provisions, allowed IA No. 329/2020, thereby excluding the lockdown period from the liquidation process timeframe.

In conclusion, the Tribunal granted the applicant's request for the exclusion of the lockdown period from the liquidation process timeframe, as supported by relevant legal provisions and orders. The judgment highlighted the impact of the COVID-19 pandemic on legal proceedings and the measures taken by various authorities to address the challenges faced by stakeholders in meeting statutory timelines during the lockdown period.

 

 

 

 

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