- Period of Lock down to be excluded in counting the time limit for CIRP.
- Interim/Stay Orders to continue till next date of hearing.
In view of the lockdown due to COVID 19, Hon’ble National Company Law Appellate Tribunal (“NCLAT”) by exercising its power conferred under Rule 11 of NCLAT Rules, 2016 suo moto has taken cognizance of the unprecedented situation. Hon’ble NCLAT vide its order dated 30.03.2020 being Suo Moto – Company Appeal (AT) (Insolvency) No. 01 of 2020 has ordered that the time period of lockdown ordered by the Central Government and the State Governments (including the period as may be extended) shall be excluded for the purpose of counting of the period for Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016 (i.e. time limit for completion of corporate insolvency resolution process). Further it has been ordered that the interim order/stay orders passed by Hon’ble NCLAT shall continue till next date of hearing, which may be notified later. Hon’ble NCLAT while passing the aforesaid order has also referred to its passed in the matter of “Quinn Logistics India Pvt. Ltd. vs. Mack Soft Tech Pvt. Ltd. in Company Appeal (AT) (Insolvency) No.185 of 2018” which inter alai provided grounds which could be excluded in counting days during CIRP.