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TMI Blog2021 (1) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... ed, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy 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. 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 held that Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional of M/s. Evershine Solvex Private Limited under Section 60(5) read with Rule 11 and Regulation 40C of the Insolvency and Bankruptcy Code, 2016 seeking exclusion of 102 days of the CIRP period for the purpose of calculating 180 days. It is submitted that the CIRP against the corporate debtor-M/s. Evershine Solvex Private Limited were initiated when CP (IB) No. 281/Chd/Pb/2019 was admitted and an IRP was appointed vide order dated 27.02.2020. It is also submitted that though the COC resolved to replace the IRP for appointment of a new RP but the same could not be done for certain time as the Nationwide Lockdown was imposed w.e.f. 25.03.2020. Finally, the IRP was replaced and Mr. Mohit Chawla was appointed as the RP vide order dated 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 5. 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 unpreceden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy 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, Minist ..... X X X X Extracts X X X X X X X X Extracts X X X X
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