COVID 19 | Period of lockdown to be excluded while computing limitation in relation to any liquidation process–IBBI Regulations amended

Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020

No. IBBI/2020-21/GN/REG060.- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, namely: –

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020.

(2) They shall come into force on the 17th April, 2020.

2. In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, after regulation 47, the following regulation shall be inserted, namely: –

“Exclusion of period of lockdown.

47A. Subject to the provisions of 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 computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process.”


Insolvency and bankruptcy Code of India

[Notification dt. 17-04-2020]

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