2020 (12) TMI 839

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....kapudi, Member (T) For the Appellant : K.V. Srinivas ORDER Ratakonda Murali, Member (J) 1. This Interlocutory application bearing IA.No. 686/2020 is filed by Resolution Professional under section 12 of the Insolvency and Bankruptcy Code, 2016 Read with Regulation 40 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016 read w....

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....t of which two were satisfying the eligibility criteria. 4. It is averred that the Members of COC in its meeting held on 24th December, 2019 resolved to issue revised Form G and also to seek extension of CIRP by 90 days beyond 180 days, which was granted by the Tribunal on 21.02.2020. 5. It is averred that after issuance of another Form G two EOI's were received and total five EOI's ....

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.... submitting the Resolution plan and the COC in its meeting-held on- 15th June, 2020 decided to extend time till 10th July,- 2020. Resolution professional had informed the COC in the meeting held on 10th July, 2020 that no resolution plans were received and also placed another request by the Resolution applicants for grant of additional time to submit resolution plan. Considering the difficulties f....

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.... contained in these regulations, but subject to the provisions in the Code, 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 such lockdown, in relation to a Corporate Insolvency Resolution Process". 10. Thus in view of the facts and circumstances th....