In relation to the liquidation process under the Insolvency & Bankruptcy Code, 2016, the period of lockdown in the wake of COVID-19 outbreak shall be excluded from the time-line for any task that could not be completed due to such lockdown. .To this effect, in exercise of the powers conferred by section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (IBBI) has introduced Regulation 47A to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016..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.Regulation 47A : Exclusion of period of lockdown .The amendment introducing Regulation 47A, i.e. The Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020, shall come into force on April 17, 2020..Last month, a similar amendment was introduced in relation to a corporate insolvency resolution process under the Insolvency & Bankruptcy Code, 2016..Period of lockdown to be excluded from timeline under IBC if activity in relation to CIRP could not be completed due to the lockdown.Read the Notification:
In relation to the liquidation process under the Insolvency & Bankruptcy Code, 2016, the period of lockdown in the wake of COVID-19 outbreak shall be excluded from the time-line for any task that could not be completed due to such lockdown. .To this effect, in exercise of the powers conferred by section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (IBBI) has introduced Regulation 47A to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016..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.Regulation 47A : Exclusion of period of lockdown .The amendment introducing Regulation 47A, i.e. The Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020, shall come into force on April 17, 2020..Last month, a similar amendment was introduced in relation to a corporate insolvency resolution process under the Insolvency & Bankruptcy Code, 2016..Period of lockdown to be excluded from timeline under IBC if activity in relation to CIRP could not be completed due to the lockdown.Read the Notification: