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2021 (3) TMI 25 - Tri - Insolvency and BankruptcySeeking exclusion of period of lockdown to complete Corporate Insolvency Resolution Process - Section 12 (2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It seems that RP as well as the CoC have taken needful steps as per the IBC for inviting potential Resolution Plans. However, the CoC and RP could not able to act effectively for some time due to the Nationwide lockdown and even the during phase of unlock. Therefore, we are of the view that this the present I.A. seeking exclusion of time of CIRP deserves to be allowed. Hence, it is hereby allowed. Further, the period of CIRP during the promulgation of lockdown needs to be exempted (excluded) pursuant to the notification of Central Govt. read with new amendment which took place in the Regulation of the IBBI and also by following the decision of the Hon’ble NCLAT passed in suo-moto Company Appeal (AT) (Insolvency) No. 01 of 2020 dated 30.03.2020. Hence, such period is excluded - It is also a settled legal position that the period consumed in filing of the present application till its disposal can be exempted for counting of the CIRP period. The period of pendency of the present application from the date of its filing 02.07.2020 till 25.02.2021 its disposal is hereby exempted for counting of the CIRP - application allowed.
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