TaxTMI 
TaxTMI 
2021 (11) TMI 25
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.... Resolution Professional has stated that he had filed an application under Section 65 of The Insolvency and Bankruptcy Code, 2016 (hereinafter called IBC) alongwith Section 12 of the IBC read with Regulation 40-C of The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016 and Rule 11 of NCLT Rules, 2016 seeking exclusion of period of Covid 19 pandemic along with the period that had lapsed due to non-availability of records, assets and books of accounts during the on-going CIRP. 4. The Resolution Professional (RP) has stated in the appeal that Regulation 40-C of The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016, the....
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....e National Company Law Tribunal or in Appeal before this Appellate Tribunal." "It is further ordered that any interim order/stay order passed by this Appellate Tribunal in anyone or the other Appeal under Insolvency and Bankruptcy Code, 2016 shall continue till next date of hearing, which may be notified later." 7. The RP has submitted that he faced issues relating to non-availability of records, assets, and books of accounts of the Corporate Debtor and also due to on-going Covid-19 pandemic, he could not take necessary actions from the commencement of CIRP from 5.11.2019. He further had to file an application under Section 19 (2) of the IBC on 7.12.2019 and hence this entire period starting from the commencement of CIRP on 5.11.2019 til....
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....ten submissions. 10. Regulation 40-C of The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016 is as under:- "40-C. Special provision relating to time-line. - Notwithstanding the time-lines 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 timeline for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process." Section 19 (2) of the IBC reads as hereunder:- "Where any personnel of the corporate debtor, its promoter or any other person required to assist or....
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....ound process and once the process is initiated, the clock starts ticking. It cannot be allowed to remain unending process. IBC provides that if the CIRP does not lead to satisfactory resolution of the Corporate Debtor in the timeline specified in section 12 of the IBC, necessary consequences relating to Corporate Debtor such as liquidation should follow. It is, therefore, duty of the Resolution Profession to bring such agenda, as may be necessary before CoC for decision. In the instant matter, this does not seem to have been done. On the contrary, the Resolution Professional waited after filing of IA No. 933/2021, Thus the entire CIRP was kept handing. 14. The time period provided under IBC for completion of CIRP is 180 days as per section....