The Insolvency and Bankruptcy Board of India (IBBI), on Friday, issued Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020.
The Insolvency and Bankruptcy Board of India (IBBI) seeks to amend liquidation process regulations by inserting a new regulation 47A into the principal regulations called Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 to exclude the period of lockdown in the liquidation process. For calculating any timeline for any task which could not be completed, the period of lockdown will be excluded.
In the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, after Regulation 47, Regulation 47A shall be inserted, namely, “Exclusion of period of lockdown. 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.”.
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