2020 (12) TMI 839

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..... llant : K.V. Srinivas ORDER Ratakonda Murali, Member (J) 1. This Interlocutory application bearing IA.No. 686/2020 is filed by Resolution Professional under section 12 of the Insolvency and Bankruptcy Code, 2016 Read with Regulation 40 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 read with Rule 11 of NCLT Rules, 2016 seeking .....

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..... ty criteria. 4. It is averred that the Members of COC in its meeting held on 24th December, 2019 resolved to issue revised Form G and also to seek extension of CIRP by 90 days beyond 180 days, which was granted by the Tribunal on 21.02.2020. 5. It is averred that after issuance of another Form G two EOI's were received and total five EOI's were received. Among the five EOI'S three we .....

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..... ting-held on- 15th June, 2020 decided to extend time till 10th July,- 2020. Resolution professional had informed the COC in the meeting held on 10th July, 2020 that no resolution plans were received and also placed another request by the Resolution applicants for grant of additional time to submit resolution plan. Considering the difficulties faced by the Resolution Applicants in submitting the pl .....

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..... de, 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. Thus in view of the facts and circumstances the RP filed the present application seeking exclusion of time from 25.03.20 .....

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..... n the containment zones. Counsel for RP requested the Tribunal to exclude lockdown period from the CIRP. 15. Actually days lost due to lockdown was 62 days i.e. from 25.03.2020 to 25.05.2020. These 62 days lost in the lockdown period is to be added from 01.08.2020. Thus CIRP of 270 days to be completed by 01.10.2020. 16. Accordingly IA No. 686 of 2020 is disposed of.
Case laws, Decisions, Ju .....

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