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Step 2 – Draft Generation
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• Relevant statutory provisions • Judicial precedents and Supreme Court, High Court and other citations • Issue-wise legal analysis • Practical arguments and supporting content • Professionally structured draft ready for further review.
Exclusion of Lockdown Period in Corporate Insolvency Resolution Process The Tribunal allowed the exclusion of the lockdown period for completing the Corporate Insolvency Resolution Process (CIRP) due to the impact of the ...
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exclusion of Lockdown Period in Corporate Insolvency Resolution Process
The Tribunal allowed the exclusion of the lockdown period for completing the Corporate Insolvency Resolution Process (CIRP) due to the impact of the nationwide lockdown on the progress of the CIRP, including the inability to explore resolution options. The Tribunal considered the RP's reasons and judicial precedents, granting the applicant's request for exclusion of the lockdown period and exempting the period of filing the application from counting towards the CIRP duration.
Issues: Exclusion of lockdown period for completing Corporate Insolvency Resolution Process (CIRP).
Analysis: 1. The applicant sought exclusion of the lockdown period to complete the CIRP of the Corporate Debtor. The CIRP commenced on 19.12.2019, and the 180-day period ended on 16.06.2020 during the lockdown. The applicant filed the present application on 07.08.2020, requesting exclusion of the lockdown period for counting the CIRP duration.
2. The Resolution Professional (RP) provided details of the progress in the CIRP, including conducting CoC meetings, inviting Expression of Interests, and preparing valuation reports. However, due to the nationwide lockdown from 23.03.2020, the CoC could not explore resolution options, leading to the expiration of the 180-day CIRP period on 16.06.2020.
3. The applicant referred to a decision by the Hon'ble NCLAT and an amendment by IBBI, allowing exclusion of lockdown period for CIRP calculation. The RP informed about government notifications permitting certain activities during phased lockdown easing, emphasizing the impact of the lockdown on the CIRP process.
4. The Tribunal considered the RP's reasons for seeking exclusion of the lockdown period and acknowledged the inability of the CoC and RP to effectively progress during the lockdown and subsequent unlock phases. Consequently, the Tribunal allowed the exclusion of the lockdown period from the CIRP calculation.
5. Citing judicial precedents, the Tribunal exempted the period of filing the present application from 02.07.2020 to 25.02.2021 for counting the CIRP duration. The Tribunal granted the applicant's request for exclusion of the lockdown period and disposed of the application accordingly.
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