2020 (5) TMI 749 - Tri - IBC

Seeking for time to deposit the balance auction amount - liability of interest - Lockdown due to COVID-19 infection - HELD THAT - In view of the suo-motto orders passed by the Hon'ble Supreme Court as well as the Hon'ble NCLAT in relation to the period of COVID-19 Lockdown to be excluded, payment of interest will arise only if there is a delay in depositing the same even after the end of Lockdown due to COVID-19 infection. In the circumstance, the time period granted for depositing the amount if any and in relation to the consideration of Application in relation to the challenge of the auction of the property stands deferred till the lock-down is lifted by the Central Government/State Government respectively. Application disposed off.

Summary

The National Company Law Tribunal, Chennai conducted proceedings through Video Conferencing. The time period for depositing the balance auction amount was extended due to COVID-19 lockdown as per orders of the Supreme Court and NCLAT. The application regarding the challenge of the auction is deferred until the lockdown is lifted. The application is disposed of accordingly.