The National Company Law Appellant Tribunal taking cognizance in the matter of current situation, suo motu passed an order on 30th March 2020 excluding the ‘lockdown days’ for the purpose of counting the period for ‘Resolution Process’ under Section 12 of the Insolvency & Bankruptcy Code, 2016. The bench comprised of J. Bansi Lal Bhat, J. Anant Bijay Singh, Dr. Ashok Kumar Mishra. The bench passed the order in compliance with the orders of the Hon’ble Supreme Court regarding extension of limitation period and in the exercise of its power conferred by Rule 11 of NCLAT Rules, 2016 which is read with the decision of tribunal in “Quinn Logistics India Pvt, Ltd. v/s Mack Soft the Pvt. Ltd. In Company Appeal (AT) (Insolvency) No. 185 of 2018”
As per the said order the period of lockdown amid the outbreak of COVID-19 pandemic (by central and state government) shall be excluded in computing the period of ‘Resolution Process’ under section 12 of the IBC, 2016 in all such cases where the corporate insolvency resolution process is already initiated or are pending before the bench. Further the order provides that the interim orders or stay orders passed by the tribunal in any appeal subject to IBC 2016, will be extended till the next hearing and the date of such hearing will be notified accordingly.
The bench took such cognizance in the light of requests received for listing of urgent cases telephonically by various people, as they were unable to file the same physically. The lockdown has created a chaos in the entire country, however, seems to be inevitable, therefore considering the difficulties faced by various stakeholders the Apex Court already provided the relief by excluding the days of lock down while calculating the limitation period. Similarly, the tribunal has taken into the account these hardships and passed the order providing relief to stakeholders to certain extent.
Order: NCLAT ORDER
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