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TMI Blog2020 (9) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... ational Company Law Appellate Tribunal and the new Regulations issued by the Insolvency and Bankruptcy Board of India, the entire lockdown period i.e. from the date of imposition of lockdown by the Government of India till the reopening of National Company Law Tribunal, Chandigarh Bench, on regular basis, after removal of the lockdown, be excluded, from the compliances required to be made under order dated 13.03.2020 in CA No. 893/2019, passed by this Tribunal and in relation to the Corporate Insolvency Resolution Process. Application disposed off. - IA Nos. 184 and 185 of 2020 in CP (IB) No. 30/Chd/Pb/2017 (Admitted) - - - Dated:- 11-5-2020 - Ajay Kumar Vatsavayi , Member ( J ) For the Appellant : Arun Saxena, Nalini, Neevrat S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iii.) To pass such other and further orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case. 5. It is stated in the instant application that:- 2. That the Resolution Plan of Applicant herein was approved by the Committee of Creditors ( CoC) and thereafter, the same was approved by this Hon'ble Tribunal vide its order dated 13.03.2020. Under the Resolution Plan, the Appliant herein i.e. the successful Resolution Applicant had to make the total payment of ₹ 64.33 Crores approximately. Further as per the approved Plan, the Applicant was to make the following payments within 30 (Thirty) days of the date when plan was approved by this Hon'ble Tribunal i.e. 13.04.2020: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bove, the Applicant communicated with Union Bank of India. After exchanging certain draft, the Union Bank of India approved the draft Escrow Agreement vide its email dated 03.04.2020. The Applicant further appointed Axis Trustee Services Limited as Custodian of documents and exchanged draft Custodian Agreement. The Monitoring Committee has been promptly informed about the above developments. 5. That it is most humbly submitted that while Applicant was steadfastly engaged in making arrangement for the timely implementation of the successful Resolution Plan, a nationwide lockdown was declared from 25.03.2020 due to pandemic caused by Coronavirus. Movement was extremely restricted and individuals were confined to their homes. Further, Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 020 are attached hereto marked as ANNEXURE A-3 (COLLY). Hence, the IA. 6. In view of the unprecedented sudden spread of pandemic Novel COVID-19, the Government of India, imposed a country wide total lockdown and as a result, the entire nation came to a halt and the said lockdown is still continuing as on date. In this connection, it is relevant to mention the following:- i.) The Hon'ble Supreme Court of India in Suo Motu Writ Petition (Civil) No(s).3/2020 in Re: cognizance for extension of Limitation, vide order dated 23.03.2020, observed as under:- This Court has taken Suo Motu cognizance of the situation arising out of the challenge faced by the country on account of Covid-19 Virus and resultant difficulties that may ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal from various persons, who were unable to physically file the same on account of complete lockdown declared by Government with effect from 25th March, 2020, we take suo moto cognizance of the unprecedented situation arising out of spread of COVID19 virus declared a pandemic. Having regard to the hardships being faced by various stakeholders as also the legal fraternity, which go beyond filing of Appeals/ cases, which has already been taken care of by the Hon'ble Apex Court by extending the period of limitation with effect from 15th March, 2020 till further order/s in terms of order dated 23rd March, 2020 in Suo Motu Writ Petition (Civil) No(s).03/2020, inasmuch as certain steps required to be taken by various Authorities under I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal, New Delhi with a request to circulate the same to all Benches of NCLT across the country including the Principal Bench based at Delhi. A copy of this order be also communicated to Secretary, Ministry of Corporate Affair, New Delhi for information and compliance by various Authorities under its control. 7. Thereafter, the Insolvency and Bankruptcy Board of India, inserted Regulation 40C to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, vide notification dated 29.03.2020 and the same is as under:- 40C. Special provision relating to time-line Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X
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