INSOLVENCY AND BANKRUPTCY BOARD OF INDIA vide Notification No. IBBI/2020-21/GN/REG060, dated 17, April 2020, has introduced Regulation 47A by way of an amendment to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
IBBI, contended that period of lockdown imposed due to COVID-19 (Coronavirus) outbreak shall be excluded from the time-line if activity in relation to liquidation, under the Insolvency & Bankruptcy Code, 2016, could not be completed due to said reason.
“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.” IBBI Notification