2021 (8) TMI 1280 - Tri - Insolvency and Bankruptcy

Seeking exclusion of 87 days from the calculation of 180 days as provided by Section 12 of Insolvency Bankruptcy Code, 2016 - Rule 11 of the NCLT Rules, 2016 read with Regulation 40 (e) of the IBBI (CIRP) Regulations, 2016 - HELD THAT - Having heard the submissions and perused the contents of the Application and also that the CO VID- 19 has impacted every Sector and the exclusion sought is primarily due to the reason of COVID-19, this Tribunal allows this Application. Application allowed.

Summary

The Tribunal allowed the Application seeking exclusion of 87 days from the calculation of 180 days under Section 12 of Insolvency & Bankruptcy Code, 2016 due to the impact of COVID-19 on the CIRP period.