TMI Blog2020 (11) TMI 668X X X X Extracts X X X X X X X X Extracts X X X X ..... gants across the country in filing their petitions/applications/suits/appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or under Special Laws (both Central and/or State). The Insolvency and Bankruptcy Board of India, inserted Regulation 40C to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, vide notification dated 29.03.2020 has held Special provision relating to time-line Notwithstanding the time-lines contained in 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Professional of M/s. Agro Dutch Industries Ltd. under Section 60(5) of the Code seeking exclusion of certain time from the CIRP period in view of the time lost in replacing the Interim Resolution Professional and also the lockdown imposed due to Pandemic Covid-19. 4. It is submitted that the CIRP proceedings were initiated against the corporate debtor-M/s. Agro Dutch Industries Ltd. on 27.11.2019 when CP (IB) No. 197/Chd/Chd/2019 was admitted and one Mr. Desh Deepak was appointed as the IRP. It is further submitted that the said Mr. Desh Deepak failed to perform his duties in accordance with the Code and Regulations made thereunder and in fact he failed to conduct the COC meeting to enable it to pass a resolution for his replacemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide order dated 23.03.2020, observed as under:- This Court has taken Suo Motu cognizance of the situation arising out of the challenge faced by the country on account of Covid-19 Virus and resultant difficulties that may be faced by litigants across the country in filing their petitions/applications/suits/ appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or under Special Laws (both Central and/or State). To obviate such difficulties and to ensure that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunals across the country including this Court, it is hereby ordered that a period of limitation in all such proceedings, ir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itation with effect from 15th March, 2020 till further order/s in terms of order dated 23rd March, 2020 in Suo Motu Writ Petition (Civil) No(s).03/2020, inasmuch as certain steps required to be taken by various Authorities under Insolvency and Bankruptcy Code, 2016 or to comply with various provisions and to adhere to the prescribed timelines for taking the 'Resolution Process' to its logical conclusion in order to obviate and mitigate such hardships, this Appellate Tribunal in exercise of powers conferred by Rule 11 of National Company Law Appellate Tribunal Rules, 2016 r/w the decision of this Appellate Tribunal rendered in Quinn Logistics India Pvt. Ltd. vs. Mack Soft Tech Pvt. Ltd. in Company Appeal (AT) (Insolvency) No. 185 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016, vide notification dated 29.03.2020 and the same is as under:- 40C. Special provision relating to time-line. Notwithstanding the time-lines contained in 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 10. Similarly, the Insolvency and Bankruptcy Board of India, vide notification dated 20.04.2020, inserted Regulation 47 A to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and the said regulation reads as u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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