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2020 (9) TMI 552 - Tri - Insolvency and BankruptcyExtension of time period of Corporate Insolvency Resolution Process (CIRP) - Section 40(2) of Corporate Insolvency Regulation Process and as per Section 12 of IBC 2016 - HELD THAT:- The Hon'ble Supreme Court of India, Suo Motu Writ Petition [2020 (5) TMI 418 - SC ORDER] has held that a period of limitation in such proceedings, irrespective of limitation prescribed under the general law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order(s) to be passed by this Court in present proceedings. Also, Notification published by Insolvency and Bankruptcy Board of India dated 29.03.2020, (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 stated that the period of lockdown imposed by the Central Government in the wake of COVID-19 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. Thus, this Tribunal extend the time limit for CIRP till 29.03.2020. After 29.03.2020 the special provision relating to the time line issued vide notification dated 29.03.2020 will apply till the lockdown lifting notification is issued by the Government of India. Application allowed.
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