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TMI Blog2021 (2) TMI 832X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 Government in the wake o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances, the instant IA is allowed and IA No.373/2020 is taken up for hearing. 2. IA No.372/2020 stands disposed of accordingly. IA No.373/2020 The instant IA has been filed by the Resolution Professional of KUT Energy Private Limited, the Corporate Debtor, under Section 12 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking extension of CIRP period by 90 days more beyond 180 days after excluding the lockdown period. 2. It is submitted that the CIRP proceedings were initiated against the corporate debtor i.e. KUT Energy Private Limited on 07.10.2019 when CP (IB) No.392/Chd/HP/2018 was admitted and IRP was appointed to conduct the CIRP. Initially the IRP and thereafter the RP took all necessary ste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Special Laws whether condonable or not shall stand extended w.e.f. 15th March 2020 till further order/s to be passed by this Court in present proceedings. We are exercising this power under Article 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.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office 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 Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the provisions of the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purpose of computation of the timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process. 8. In the circumstances and since the facts are not disputed and in view of the orders of the Hon'ble Supreme Court of India, National Company Law Appellate Tribunal and in view of the Regulations issued by Insolvency and Bankruptcy Board of India, we allow the instant IA and extend the period of CIRP by 90 days more, beyond 180 days after excluding the period from 25.03.2020 to 31.07.2020. 8. IA No.373/2020 stands disposed of accordingly. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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