India Entry & Business Startup Consultings

Exclusion of Novel Coronavirus COVID-19 Lockdown Period from liquidation process inserting LP Reg. 47A w.e.f. 17.04.2020

The IBBI has inserted a new regulation 47A under IBBI (Liquidation Process) Regulations, 2016 from excluding the COVID- 19 lockdown period from the computation of the time-line for any task that could not be completed in relation to any liquidation process. The Regulation starts with “Subject to the provisions of the Code” as follows: Exclusion of period of lockdown- Regulation 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 computed due to such lockdown, in relation to any liquidation process.

 

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