TMI Blog2021 (2) TMI 1002X X X X Extracts X X X X X X X X Extracts X X X X ..... l law or Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings. 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 has held 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 180 days after excluding the lockdown period. 2. It is submitted that the CIRP proceedings were initiated against the corporate debtor i.e. Bhandari Deepak Industries Pvt. Ltd. on 19.11.2019 when CP (IB) No.269/Chd/HP/2019 was admitted and IRP was appointed to conduct the CIRP. Initially the IRP and thereafter the RP took all necessary steps for resolution of the corporate debtor. The period of 180 days were to be completed on 16.05.2019. However, in view of the intervening lockdown the resolution could not be completed within 180 days. Hence the IA. 3. The Committee of Creditors of the Corporate Debtor vide its 5th CoC meeting held on 20.06.2020 resolved to seek for extension of the CIRP period, in view of the ample chances of resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be brought to the notice of all High Courts for being communicated to all subordinate Courts/Tribunals within their respective jurisdiction. Issue notice to all the Registrars General of the High Courts, returnable in four weeks. 5. The Hon'ble National Company Law Appellate Tribunal in Suo Moto-Company Appeal (AT) (Insolvency) No.01 of 2020. Vide order dated 30.03.2020, observed as under: - Upon requests for urgent listing of cases having been made telephonically to Registrar of this Appellate Tribunal from various persons, who were unable to physically file the same on account of complete lockdown declared by Government with effect from 25th March, 2020, we take suo moto cognizance of the unprecedented situation ari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. (2) It is further ordered that any interim order/ stay order passed by this Appellate Tribunal in anyone or the other Appeal under Insolvency and Bankruptcy Code, 2016 shall continue till next date of hearing, which may be notified later. A copy of this order be communicated to Registrar of National Company Law Tribunal, New Delhi with a request to circulate the same to all Benches of NCLT across the country including the Principal Bench based at Delhi. A copy of this order be also communicated to Secretary, Ministry of Corporate A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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