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Insolvency and Bankruptcy Board of India
No. IBBI/PR/2020/06
29th March, 2020
Press Release
The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) today.
2. Government of India has declared a lockdown of twenty-one days with effect from 25th March, 2020 as a measure to combat and contain the spread of COVID-19. It is difficult for the insolvency professionals to continue to conduct the process, for members of committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of lockdown. Therefore, it may be difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations.
3. To address this difficulty, the IBBI amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government 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 the lockdown, in relation to a corporate insolvency resolution process. This would, however, be subject to the overall time-limit provided in the Code.
4. The amended regulations are effective from today. These are available at www.mca.gov.in and www.ibbi.gov.in.
Related Notification :Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020.
Exclusion of lockdown period from CIRP timelines preserves procedural course while remaining subject to the Code time limit. The IBBI amended the CIRP Regulations to provide that the lockdown period shall not be counted for the purposes of any CIRP timeline where an activity could not be completed due to the lockdown, while preserving the overall time-limit provided in the Code; the amendments are effective immediately. of Press 'Enter' after typing page number.
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