The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 on March 29, 2020 stating that the nationwide lock-down imposed by the Centre in the wake of COVID-19 outbreak shall not be counted in relation to a Corporate Insolvency Resolution Process (CIRP). The IBBI issued...
The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 on March 29, 2020 stating that the nationwide lock-down imposed by the Centre in the wake of COVID-19 outbreak shall not be counted in relation to a Corporate Insolvency Resolution Process (CIRP). The IBBI issued a Press Release to this effect.
Section 40C which has been inserted in the regulation reads 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 COVID19 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.”