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ARTICLE · 28 APRIL 2020

Covid-19 And IBC Proceedings – 10 Key Considerations

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The IBBI has vide notification dated March 29, 2020 amended the CIRP Regulations by insertion of regulation 40C.

IndiaCoronavirus (COVID-19)
Ramya Hariharan
Ramya Hariharan
Dipti Srivastava
Dipti Srivastava
Asmita Rakhecha
Asmita Rakhecha
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What is the implication of the present lockdown in the wake of Covid-19 outbreak on the timelines prescribed in respect of CIRP under the Code?

The IBBI has vide notification dated March 29, 2020 amended the CIRP Regulations by insertion of regulation 40C. Pursuant to regulation 40C, the lock down period shall be excluded for the purpose of computation of the time frame for completion of the various activities forming a part of the CIRP. Regulation 40A provides a comprehensive list of the activities required to be undertaken to complete the CIRP along with timelines.

What is the implication of the lockdown on the time limit prescribed for completion of CIRP under Section 12 of the Code?

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