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of <h1>Extension granted for filing audited financial results & SEBI compliance under Insolvency & Bankruptcy Code.</h1> The Tribunal, under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016, granted an extension until March 31, 2021, for filing audited financial ... Seeking extension of time for filing statutory compliances before Securities and Exchange Board of India - Section 60 (5) of Insolvency & Bankruptcy Code, 2016, read with Rule 11, 13 & 32 of National Company Law Tribunal Rules, (Adjudicating Authority), 2016 - HELD THAT:- The Company / Corporate Debtor was under Corporate Insolvency Resolution Process at the time when the Application was filed by the Resolution Professional on 28.07.2020. We have perused the letters addressed to SEBI and IBBI by the Applicant herein. Admittedly, the Resolution Professional has made efforts to approach the Regulatory Authority for extension of time/waiver of compliances under 'LODR' Regulations. However, no response from the Regulatory Authority in this regard. Considering the exertions of the Resolution Professional; the submissions put forth by him and subsequent liquidation order passed by this Tribunal on 02.11.2020, we are of the considered view that this Application deserves favourable consideration. Now that the Liquidation order is passed by the Tribunal on 02.11.2020, we can direct the Applicant to comply with the statutory compliance during the months of July, August and September, 2020 by granting some additional time. Application allowed - following orders were passed: (a). Extend the time limit till 31.03.2021 for filing of audited financial results (standalone & consolidated) for the year ended 31.03.2020 with SEBI. (b). Extend the time till 31.03.2021 for complying the provisions of Regulation 24A and all other applicable Regulations of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Issues:Extension of time for filing statutory compliances before Securities and Exchange Board of India under Section 60 (5) of Insolvency & Bankruptcy Code, 2016.Analysis:Issue 1: Condonation of Time Limits for Filing Audited Financial ResultsThe Applicant, a Resolution Professional for the Corporate Debtor, sought an extension of time for filing audited financial results due to the Covid-19 pandemic and the pending liquidation application. The Applicant highlighted the difficulties in meeting the extended deadline of July 31, 2020, set by the Securities Exchange Board of India (SEBI). The Tribunal considered the circumstances and granted an extension until March 31, 2021, for filing audited financial results.Issue 2: Condonation of Time for Compliance with SEBI LODR RegulationsThe Applicant requested condonation of time for complying with various SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, especially for the months of July, August, and September 2020. The Applicant faced challenges due to the Covid-19 lockdown and lack of staff for compliance. Despite efforts to seek extension from SEBI and IBBI, no response was received. The Tribunal acknowledged the Resolution Professional's efforts and granted an extension until March 31, 2021, to comply with Regulation 24A and other applicable SEBI LODR Regulations.Issue 3: Consideration of Exertions and Liquidation OrderThe Tribunal recognized the Resolution Professional's efforts to secure extensions and waivers for compliance under SEBI LODR Regulations. Despite the lack of response from regulatory authorities, the Tribunal considered the Resolution Professional's submissions and the subsequent liquidation order issued on November 2, 2020. In light of these factors, the Tribunal deemed it appropriate to grant additional time for statutory compliance during the specified months.Conclusion:The Tribunal, exercising its powers under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016, allowed the application and extended the time limits for filing audited financial results and complying with SEBI LODR Regulations until March 31, 2021. The decision considered the exceptional circumstances faced by the Resolution Professional and the Corporate Debtor, ensuring a fair opportunity for compliance despite the challenges posed by the pandemic and pending liquidation proceedings.
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