2021 (7) TMI 437 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Seeking an exclusion of period of lockdown from calculation of period required for completion of Liquidation Process of the Corporate Debtor - Section 60(5) of Insolvency and Bankruptcy Code, 2016 Read with Regulation 40C of The IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of NCLT Rules, 2016 - HELD THAT:- The submissions of the applicant is satisfying that the liquidation period in respect of present Corporate Debtor needs to be extended. Hence the present IA is partly allowed. The liquidation period is further extended by six months from today. Further the period consumed during the lockdown period also needs to be excluded/exempted from counting the period prescribed for completing the process of liquidation as per the suo moto decision of Hon'ble Supreme Court in IN RE COGNIZANCE FOR EXTENSION OF LIMITATION [2021 (5) TMI 564 - SC ORDER] by extending/exempting the period from 15th March 2020 till 14th March 2021 and again now until further order. Application allowed.