9911796707
TMI Blog2021 (2) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor may be located, 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. 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: 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 ..... ructure Ltd., the Corporate Debtor, under Section 12(2) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 40 of the IBBI Regulations 2016 seeking extension of CIRP period by 90 days beyond 180 days after excluding the lockdown period. 2. It is submitted that the CIRP proceedings were initiated against the corporate debtor i.e. Jaycon Infrastructure Ltd. on 07.10.2019 when CP (IB) No.218/Chd/CHd/2018 was admitted and IRP was appointed to conduct the CIRP. Initially the IRP and thereafter the RP took all necessary steps for resolution of the corporate debtor. The period of 180 days was to be expired on 03.04.2020. However, in view of the intervening lockdown the resolution could not be completed within 180 days. Hence the IA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 142 read with Article 141 of the Constitution of India and declare that this order is a binding order within the meaning of Article 141 on all Courts/Tribunals and 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the Corporate Debtor may be located, 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. (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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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