https://www.taxtmi.com/caselaws?id=400780 The NCLT allowed exclusion of 116 days from the Corporate Insolvency Resolution Process timeline because the resolution process could not be completed within the original period due to the COVID-19 lockdown. The inability to complete valuation work and finalise accounts during the lockdown supported the request for extension. The tribunal relied on the Supreme Court's suo motu limitation order during the pandemic and Regulation 40C, which excludes lockdown periods from computation of time for tasks that could not be completed because of such lockdown. The affected period was therefore excluded for completion of the CIRP. en-us Wed, 02 Sep 2020 00:00:00 +0530 Wed, 18 Nov 2020 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400780 The NCLT allowed exclusion of 116 days from the Corporate Insolvency Resolution Process timeline because the resolution process could not be completed within the original period due to the COVID-19 lockdown. The inability to complete valuation work and finalise accounts during the lockdown supported the request for extension. The tribunal relied on the Supreme Court's suo motu limitation order during the pandemic and Regulation 40C, which excludes lockdown periods from computation of time for tasks that could not be completed because of such lockdown. The affected period was therefore excluded for completion of the CIRP. Case-Laws Insolvency and Bankruptcy Wed, 02 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400780