TaxTMI 
TaxTMI 
2021 (6) TMI 159
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....lvency and Bankruptcy Code, 2016, read with regulation 40 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, inter alia, seeking the following relief(s) : (a) Pass an order allowing an exclusion of 62 days (July 1, 2020 to August 31, 2020) being the period of lockdown in Telangana, in computing the 330 days CIRP period ; (b) In the alternative, pass an order granting an extension of period of CIRP of the corporate debtor for 60 days ; (c) Pending hearing and final disposal of the present application, pass an order granting an extension of the period of CIRP of the corporate debtor till the next date of hearing. 2. The brief facts of the case, inter alia, are as und....
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....ebtor to conduct their due diligence, valuation by valuer's and resolution applicants, meetings for negotiation between the CoC and resolution applicants, etc., could not be undertaken by the applicant and hence the power plant of the corporate debtor could not be mobilised for supply of power under the PPA from July 1, 2020. Further, owing to the lockdown, litigations pending adjudication before various fora, including this Adjudicating Authority, could not be completed once again impacting the CIRP of the corporate debtor. (d) Considerable time has also been lost in liaising and negotiating with alternate suppliers for operationalising the PPA and obtaining the necessary approvals from CEA/Ministry of Power. The imposition of the lo....
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.... extended from time-to-time. Further, owing to the limited reopening of private offices even the applicant and its team has not been able to function at its optimal with limited staff and access to offices. (iv) That in accordance with regulation 40C read with the suo motu order, Telangana GO, Telangana GO 1 Telangana GO 2, the period from March 25, 2020 until August 31, 2020 is to be excluded in computing the period of 330 days. However, the corporate debtor has already availed of the benefit of regulation 40C of the CIRP Regulations for the period from March 25, 2020 to June 30, 2020 (67 days) in computing the CIRP period of 330 days and is seeking the approval of this Adjudicating Authority for seeking the benefit of regulation 40C of ....
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....icating Authority vide its order dated November 7, 2019 and period of 180 days got completed on May 4, 2020. However due to outbreak of Covid-19 pandemic and its outfall, the period from March 25, 2020 to June 30, 2020 was excluded vide this Adjudicating Authority's order dated August 25, 2020. 6. Now the applicant is seeking another exclusion of 62 days, i. e., June 1, 2020 to August 31, 2020 due to lockdown imposed by the State Government from time-to-time. 7. In view of the amendments brought in section 12 of the IBC, 2016 with effect from August 16, 2019 the CIRP shall be mandatorily completed within a period of 330 days from the insolvency commencement date including any extension of the period of the CIRP granted under section 1....