2020 (8) TMI 893 - Tri - Insolvency and Bankruptcy

Prayer for extension of time by exempting Covid period i.e. from 23rd March to 31st August 2020 - HELD THAT - It is found that the 180 days is expiring on 21st August 2020. As per the provision the RP is entitled for further 90 days. Instead of exempting the period of lockdown, when 90 days is still in hand, the RP is directed to complete the work within said 90 days. It is pertinent to mention herein that the lockdown period is from 23 March 2020 till 29th May 2020 and hence, exemption as Sought for 160 days cannot be granted. In view of the above further 90 days is allowed as per the provision of the IB Code to the RP to complete CIRP beyond 180 days - the instant application is disposed of.

Summary

The National Company Law Tribunal Ahmedabad allowed a further 90-day extension for completing the Corporate Insolvency Resolution Process (CIRP) due to lockdown restrictions, rejecting the request for a 160-day extension. The application under Section 12 for extension of time was disposed of accordingly.