TMI Blog2021 (1) TMI 713X X X X Extracts X X X X X X X X Extracts X X X X ..... riod for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases where 'Corporate Insolvency Resolution Process' has been initiated and pending before any Bench of the National Company Law Tribunal or in Appeal before this Appellate Tribunal. Thereafter, 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 which states that 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IA No. 277/2020 is disposed of. IA No. 278/2020 3. This IA has been filed by the Resolution Professional of M/s. Kudos Chemie Ltd., under Section 12(3) of the Code read with Regulation 40 and 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking the following reliefs:- a) Allow the present application; b) Issue appropriate directions for extension of period of 60 days beyond 270 days for the Corporate Insolvency Resolution process of Kudos Chemie Limited as resolved by 88.74% of the voting share of the Committee of Creditors in terms of 2nd Proviso to Section 12(3) of the I B Code, 2016; and c) In terms of Regulation 40C of the CIRP Regulations, 2016 and Suo Moto order da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance 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, irrespective of the limitation prescribed under the general law or Special Laws whether condon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3rd 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 2018 decided on 8th May, 2018 do hereby order as follows: - (1) That the period o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 9. 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 under:- Exclusion of period of lockdown 47A. Subject to the provisions of the Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X
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