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ARTICLE · 23 APRIL 2020

Lockdown Period To Be Excluded From Insolvency Resolution Process Timeline: India

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CIRP is the resolution process initiated by the National Company Law Tribunal when a company defaults in making payments to its creditors.

IndiaInsolvency/Bankruptcy/Re-Structuring
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The Insolvency and Bankruptcy Board of India (hereinafter referred to as 'IBBI') vide its notification dated March 29, 20201 has issued clarification regarding the period of exclusion for Insolvency Resolution Process. Through, the issuance of the above mentioned notification, the IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to include the following:

  • The period of lockdown imposed 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 (hereinafter referred to as 'CIRP') under the Insolvency & Bankruptcy Code, 2016.

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