TMI Blog2020 (9) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Board of India dated 29.03.2020, (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 stated that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process. Thus, this Tribunal extend the time limit for CIRP till 29.03.2020. After 29.03.2020 the special provision relating to the time line issued vide notification dated 29.03.2020 will apply till the lockdown lifting notification is issued by the Government of India. Application allowed. - MA/68/KOB/2020 in IBA/7/KOB/2019 - - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed the above Company Appeal vide order dated 27.01.2020. 4. The CIRP was resumed since 07.02.2020 and the first COC was held on 17.02.2020. As per Minutes of 2nd meeting of the COC held on 16.03.2020 resolved with 100% voting to file an application for Extension time of 90 days since 105 days lost due to stay period from various courts and CIRP period of 180 days ends on 21.03.2020. 5. This MA was filed on 20.03.2020 for extension of 90 days from 21.03.2020 to complete the Corporate Insolvency Resolution Process of M/s. Sargam Builders Pvt Ltd. The matter was put before the Bench on 26.6.2020 for hearing. 6. At this juncture I considered the order passed by the Hon'ble Supreme Court of India, Suo Motu Writ Petition (CIVIL) No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process. . 8. In the light of the above judgment of the Hon'ble Supreme Court and the amendment made on 29.03.2020 under Section 40C and also considering the averments made by the RP in this MA and on hearing the Resolution Professional through video conferencing, this Tribunal allow the prayer as follows: This Tribunal extend the time limit for CIRP till 29.03.2020. After 29.03.2020 the special provision relati ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
