IBBI Exempts Lockdown Period From Time Line Of Activity In Relation To Liquidation Process [Read Notification]

first_imgCorporateIBBI Exempts Lockdown Period From Time Line Of Activity In Relation To Liquidation Process [Read Notification] LIVELAW NEWS NETWORK17 April 2020 8:36 PMShare This – xIn view of the COVID-19 pandemic, the Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government 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 liquidation process. The IBBI issued the Insolvency and Bankruptcy Board of India…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginIn view of the COVID-19 pandemic, the Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government 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 liquidation process. The IBBI issued the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 to insert Rule 47A in the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The newly inserted Regulation states : “Exclusion of period of lockdown. 47A. Subject to the provisions of 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 computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process.”.Earlier, the IBBI had exempted lockdown period for the computation of time-line for activities related to CIRP.That was done on March 29 by issuing the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 to insert Rule 40C in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.Click here to download notificationRead NotificationNext Storylast_img read more