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TMI Blog2020 (11) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... id-19 Virus and resultant difficulties that may be faced by litigants across the country in filing their petitions/applications/suits/appeals/all other proceedings within the period of limitation prescribed under the general law of limitation or under Special Laws (both Central and/or State). 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 has held Special provision relating to time-line Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posed of. IA No. 327/2020 3. This IA has been filed by the Resolution Professional of M/s. Txlene Forge Private Limited under Section 60(5) of the IBC Code, 2016 read with Regulation 40(C) of the IBBI (IRP for Corporate Persons) Regulations, 2016 and read with Rule 11 of NCLT Rules, 2016 seeking for exclusion of lockdown period w.e.f. 25.03.2020 to 30.06.2020 from the CIRP period. 4. It is submitted that the CIRP proceedings were initiated against the corporate debtor of M/s. Txlene Forge Private Limited on 19.12.2019 when CP No. 344/Chd/Pb/2018 was admitted. Initially the IRP and thereafter, the RP have taken all necessary steps for early completion of the resolution of the corporate debtor. The initial 180 days' period wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d authorities. This order may be brought to the notice of all High Courts for being communicated to all subordinate Courts/Tribunals within their respective jurisdiction. Issue notice to all the Registrars General of the High Courts, returnable in four weeks. 6. The Hon'ble National Company Law Appellate Tribunal in Suo Moto-Company Appeal (AT) (Insolvency) No. 01 of 2020. Vide order dated 30.03.2020, observed as under:- Upon requests for urgent listing of cases having been made telephonically to Registrar of this Appellate 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 unprec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruptcy Code, 2016, in all cases where 'Corporate Insolvency Resolution Process' has been initiated and pending before any Bench of the National Company Law Tribunal or in Appeal before this Appellate Tribunal. (2) It is further ordered that any interim order/stay order passed by this Appellate Tribunal in anyone or the other Appeal under Insolvency and Bankruptcy Code, 2016 shall continue till next date of hearing, which may be notified later. A copy of this order be communicated to Registrar of National Company Law Tribunal, 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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