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TMI Blog2020 (12) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... at this Hon'ble Tribunal may be pleased to exclude period between 05.05.2020 and 31.10.2020 amounting to 179 days including 3 weeks of stay granted by the Hon'ble Madras High Court while calculating the time period for completion for CIR Process of the Corporate Debtor and pass such other orders which are deemed fit and necessary in the nature and circumstances of the case and thus render justice. 2. It is averred in the application that the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor viz. M/S. Appu Hotels Limited by this Tribunal on 05.05.2020 and one Mr. Mukesh Kumar Gupta was appointed as Interim Resolution Professional (IRP). Thereafter, the said IRP caused public announcement on 08 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly, the COC with 100% voting has passed an Resolution to that effect, which is as follows; "Resolved that the COC approved, seeking exclusion of time period due to Covid - 19 and the lockdown and thus the COC approved with 100% voting power, for the RP to file an Application with the NCLT, Chennai for seeking of exclusion of time period from 05.05.2020 to 31.10.2020." 5. Further, it was submitted by the Learned Counsel for the Applicant that the Regulator viz. the Insolvency and Bankruptcy Board of India, has introduced Regulation 40C to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 whereby the period of lockdown imposed by the Central Government is excluded from the period of CIRP and as such it was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut 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. The Learned Counsel for the Applicant submitted that he sought to exclude the period from 05.05.2020 till 31.10.2020, a total of 179 days from the period of CIRP. Thus, as to the facts of the present case, in view of Regulation 40C of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 the period from 05.05.2020 till 31.10.2020 is excluded from the period of CIRP in terms of Section 12(2) of IBC, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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