The case involves an application (IA 2954/2020) seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The applicant, represented by the Interim Resolution Professional (IRP), requested a 60-day extension due to the lockdown imposed as a result of the COVID-19 pandemic. The lockdown period was in effect from March 24th to May 31st, 2020, and continued with restrictions until June 2020. An earlier extension of 50 days had already been granted. The maximum CIRP period of 330 days expired on February 4th, 2020.
M/s. Punjab & Sind Bank initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Punjab & Sind Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed IA 2954/2020, seeking a 60-day extension of the CIRP due to the COVID-19 lockdown. The lockdown was in effect from March 24th to May 31st, 2020, and continued with restrictions until June 2020. An earlier 50-day extension had already been granted, and the maximum CIRP period of 330 days expired on February 4th, 2020. The court considered the extraordinary circumstances of the lockdown and its impact on the CIRP. The relevance of the lockdown is that it disrupted normal business operations and hindered the progress of the CIRP, thus
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The case involves an application (IA 2954/2020) seeking an extension of the Corporate Insolvency Resolution Process (CIRP). The applicant, represented by the Interim Resolution Professional (IRP), requested a 60-day extension due to the lockdown imposed as a result of the COVID-19 pandemic. The lockdown period was in effect from March 24th to May 31st, 2020, and continued with restrictions until June 2020. An earlier extension of 50 days had already been granted. The maximum CIRP period of 330 days expired on February 4th, 2020.
M/s. Punjab & Sind Bank initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Punjab & Sind Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed IA 2954/2020, seeking a 60-day extension of the CIRP due to the COVID-19 lockdown. The lockdown was in effect from March 24th to May 31st, 2020, and continued with restrictions until June 2020. An earlier 50-day extension had already been granted, and the maximum CIRP period of 330 days expired on February 4th, 2020. The court considered the extraordinary circumstances of the lockdown and its impact on the CIRP. The relevance of the lockdown is that it disrupted normal business operations and hindered the progress of the CIRP, thus
…The maximum period of…
An extension of…
Sign in to view related legal provisions.