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2021 (3) TMI 65 - Tri - Insolvency and BankruptcySeeking extension of period of corporate insolvency resolution process for further period of 90 days from the date of expiry of 180 days from CIRP - section 12(2) of the Insolvency and Bankruptcy Code, 2016 read with regulation 40(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 - HELD THAT:- In the facts of the present case, it is to be noted that the IBBI vide its notification dated March 29, 2020 has issued clarification regarding the period of exclusion for corporate insolvency resolution process. Through the issuance of the abovementioned notification, the IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to include that Regulation 40C-the period of lockdown imposed in the wake of COVID-19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. In the facts of the present case, it is evident from the records that CIRP of 180 days expired on March 8, 2020. Thus, it can be inferred from the second proviso to sub-section (3) of section 12 of the IBC, 2016 that one more extension of 90 days can be granted. The decision of the hon'ble Supreme Court as rendered in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta [2019 (11) TMI 731 - SUPREME COURT] and the provision of law, the application stands allowed and the period of 90 days stands allowed from the CIRP timeline with an exclusion of time period arising of COVID-19 lockdown in consonance with the third amendment made to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2020, dated March 29, 2020. The period from March 25, 2020 to October 31, 2020 is excluded. Application allowed.
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