This is an appeal regarding the extension of the Corporate Insolvency Resolution Process (CIRP) period. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, Court-2, excluded 68 days from the CIRP period. The appellant argues that the entire lockdown period from March 25, 2020, to October 25, 2020, should have been excluded when calculating the 180-day CIRP period. The 90-day extension granted by the Adjudicating Authority, combined with the original 180-day period, results in an extended period of 270 days. The appellant seeks intervention to exclude the entire lockdown period.
The Corporate Insolvency Resolution Process (CIRP) was initiated. The Adjudicating Authority granted an extension of time for the CIRP period. The Adjudicating Authority excluded 68 days from the CIRP period. A lockdown was imposed from March 25, 2020, to October 25, 2020. The appellant argued that the entire lockdown period should be excluded from the CIRP period calculation. The Adjudicating Authority made observations regarding the conduct of the Resolution Professional, suggesting delaying tactics. The appellant appealed the decision, seeking exclusion of the entire lockdown period and challenging the observations against the Resolution Professional. The key fact is the imposition of a lockdown and its impact on the CIRP timeline, specifically whether the entire
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Lockdown imposed in…
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This is an appeal regarding the extension of the Corporate Insolvency Resolution Process (CIRP) period. The Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, Court-2, excluded 68 days from the CIRP period. The appellant argues that the entire lockdown period from March 25, 2020, to October 25, 2020, should have been excluded when calculating the 180-day CIRP period. The 90-day extension granted by the Adjudicating Authority, combined with the original 180-day period, results in an extended period of 270 days. The appellant seeks intervention to exclude the entire lockdown period.
The Corporate Insolvency Resolution Process (CIRP) was initiated. The Adjudicating Authority granted an extension of time for the CIRP period. The Adjudicating Authority excluded 68 days from the CIRP period. A lockdown was imposed from March 25, 2020, to October 25, 2020. The appellant argued that the entire lockdown period should be excluded from the CIRP period calculation. The Adjudicating Authority made observations regarding the conduct of the Resolution Professional, suggesting delaying tactics. The appellant appealed the decision, seeking exclusion of the entire lockdown period and challenging the observations against the Resolution Professional. The key fact is the imposition of a lockdown and its impact on the CIRP timeline, specifically whether the entire
…Lockdown imposed in…
The initial 180-day…
Sign in to view related legal provisions.