Period of lockdown to be excluded from timeline under IBC if activity in relation to CIRP could not be completed due to the lockdown

Period of lockdown to be excluded from timeline under IBC if activity in relation to CIRP could not be completed due to the lockdown

To this effect, the IBBI has introduced Regulation 40C to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The period of lockdown imposed in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process under the Insolvency & Bankruptcy Code, 2016.

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