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2020 (12) TMI 705 - Tri - Insolvency and BankruptcyExtension of a period of 90 days from the Corporate Insolvency Resolution Process (CIRP) period of Corporate Debtor - HELD THAT:- We are mindful of the fact that w.e.f. 24.03.2020 the Central Government declared a nationwide lockdown and prohibited all non-essential activities in response to the onset of the COVID-19 pandemic. The lockdown was subsequently opened only partially in different parts of the state and in India. Due to severe liquidity crunch and dislocation of manpower, several businesses have shut down. Movement of men and material has been restricted. The Government has announced several steps to infuse more liquidity and to get the businesses running again. We are convinced that these extraordinary circumstances justify the exclusion of time as prayed for. By allowing the time as prayed for, the RP would get the requisite time to complete the CIRP as per the Rules laid down in this regard, be able to maximize the value of assets and prevent the Corporate Debtor from going into liquidation. A period of 90 days shall be excluded and the CIRP period would get extended by 90 days w.e.f. 26.05.2020, to enable the RP to conclude the CIRP in respect of the Corporate Debtor - Application allowed.
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