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ARTICLE · 18 MAY 2020

Rescuing Implementation Of Resolution Plan During COVID-19

Vaish Associates Advocates
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The outbreak of Novel COVID-19 and the nationwide imposed lockdown in India has caused all walks of life to a standstill. Courts and Tribunals came to the rescue of litigants who were facing...

IndiaInsolvency/Bankruptcy/Re-Structuring
Kalpit Khandelwal
Kalpit Khandelwal
Kaustubh Prakash
Kaustubh Prakash
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The outbreak of Novel COVID-19 and the nationwide imposed lockdown in India has caused all walks of life to a standstill. Courts and Tribunals came to the rescue of litigants who were facing practical difficulties in filing the petition and passed orders on both judicial side protecting the right to institute proceedings belatedly as well administrative side by bringing the court-room to computer desks.

In respect of insolvency matters specifically, both the Tribunal and the IBBI allowed exclusion of lockdown period for the purpose of timelines under Section 12 of the IBC.

In this article, we discuss the process of implementation of Resolution Plan and whether various Court orders and notifications helped in seeking extension of implementation of Resolution Plan during the lockdown. We also discuss the aid of technology in implementing a Resolution Plan during lockdown period.

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