B&B: Period of lockdown to be excluded from timeline under IBC if activity in relation to CIRP could not be completed due to the lockdown

29 March 2020:The period of lockdown imposed 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 under the Insolvency & Bankruptcy Code, 2016.

To this effect, in exercise of the powers conferred by section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, the Insolvency and Bankruptcy Board of India has introduced Regulation 40C by way of an amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The amendment introducing Regulation 40C, called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020, shall come into force on March 29, 2020.

The Notification shall be published in the Gazette of India as soon as the Government Press accepts the same for publication.

As reported on B&B



Categories: India Bankruptcy

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