The case involves an application (IA No. 387/2020) filed by the Resolution Professional of M/s Hike Leather Private Limited, the Corporate Debtor, seeking exclusion of the lockdown period from 23.03.2020 to 31.07.2020 (131 days) from the initial Corporate Insolvency Resolution Process (CIRP) period of 180 days. The CIRP was initiated against the Corporate Debtor on 20.02.2020, and the Resolution Professional could not finalize the CIRP within the initial period due to the lockdown imposed by the Government of India. The CIRP period was to expire on 18.08.2020.
The Oriental Bank of Commerce initiated CIRP against M/s Hike Leather Private Limited on 20.02.2020. Rakesh Phull was appointed as the Resolution Professional. Due to the COVID-19 lockdown imposed by the government, the Resolution Professional could not finalize the CIRP within the initial 180-day period. The lockdown period was from 23.03.2020 to 31.07.2020, totaling 131 days. The initial CIRP period was to expire on 18.08.2020. The Resolution Professional filed IA No. 387/2020 seeking exclusion of the lockdown period from the CIRP timeline. The Supreme Court and NCLAT had issued orders extending the period of limitation and taking cognizance of the difficulties caused by the lockdown. The IBBI had also issued regulations providing for the exclusion of the lockdown
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CIRP initiated against…
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The case involves an application (IA No. 387/2020) filed by the Resolution Professional of M/s Hike Leather Private Limited, the Corporate Debtor, seeking exclusion of the lockdown period from 23.03.2020 to 31.07.2020 (131 days) from the initial Corporate Insolvency Resolution Process (CIRP) period of 180 days. The CIRP was initiated against the Corporate Debtor on 20.02.2020, and the Resolution Professional could not finalize the CIRP within the initial period due to the lockdown imposed by the Government of India. The CIRP period was to expire on 18.08.2020.
The Oriental Bank of Commerce initiated CIRP against M/s Hike Leather Private Limited on 20.02.2020. Rakesh Phull was appointed as the Resolution Professional. Due to the COVID-19 lockdown imposed by the government, the Resolution Professional could not finalize the CIRP within the initial 180-day period. The lockdown period was from 23.03.2020 to 31.07.2020, totaling 131 days. The initial CIRP period was to expire on 18.08.2020. The Resolution Professional filed IA No. 387/2020 seeking exclusion of the lockdown period from the CIRP timeline. The Supreme Court and NCLAT had issued orders extending the period of limitation and taking cognizance of the difficulties caused by the lockdown. The IBBI had also issued regulations providing for the exclusion of the lockdown
…CIRP initiated against…
Supreme Court order…