# In the matter of Parameswara Poultry Farm Pvt Ltd IA No. 700-2020 in C.P. (IB) No. 105-9-HDB-2019

> NCLT judgment dated 2020-09-10. Citation: TCN-2020-NCLT-00657. The application was filed by the Resolution Professional under section 60(5) of the I&B Code,…

- **Court:** NCLT
- **Order date:** 10 Sept 2020
- **Citation:** TCN-2020-NCLT-00657
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parameswara-poultry-farm-pvt-ltd-ia-no-700-2020-in-cp-ib-no-105-9-hdb-2019-a20d5a4a

## Summary

### Background

The application was filed by the Resolution Professional under section 60(5) of the I&B Code, 2016, seeking exclusion of the lockdown period from 22.03.2020 to 31.07.2020 in the CIRP of the Corporate Debtor, Parameswara Poultry Farm Pvt Ltd. The Tribunal had admitted the main petition filed by the Operational Creditor, Shiva Parvati Poultry Feed Private Limited, vide order dated 17.09.2019. The applicant represents the Corporate Debtor as Resolution Professional by virtue of order dated 27.01.2020.

## Facts

The Corporate Debtor, Parameswara Poultry Farm Pvt Ltd, was undergoing CIRP. The CIRP was initiated based on a petition filed by the Operational Creditor, Shiva Parvati Poultry Feed Private Limited. The CIRP period of 180 days commenced on 17.09.2019 and ended on 15.03.2020. The Tribunal had extended the CIRP period for another 90 days vide order dated 20.03.2020. Due to the COVID-19 pandemic, a lockdown was imposed from 22.03.2020 to 31.07.2020. The Resolution Professional filed an application seeking exclusion of this lockdown period from the CIRP timeline. The Committee of Creditors (CoC), consisting of Union Bank of India, supported the application. The CoC was informed that a settlement proposal submitted by the Corporate Debtor is under process for consideration

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## Issues and analysis

### Issue 1: Whether the lockdown period from 22.03.2020 to 31.07.2020 should be excluded from the CIRP timeline …

**Ratio:** Regulation 40C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The Tribunal reasoned that there was a lockdown due to the COVID-19 pandemic from

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**Interpretation:** Regulation 40C of the IBBI Regulations provides a specific exemption for the

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**Application:** The Tribunal applied Regulation 40C to the facts of the case, excluding the

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## Parties

- **Judges:** Ratakonda…; Veera Brahma Rao…
- **Appellants:** Shiva Parvati…
- **Respondents:** Parameswara…

## Timeline

- **2019-09-17 — Admission of Main…**: The Tribunal admitted the main petition filed by the Operational Creditor, Shiva Parvati…
- **2019-09-17 — Commencement…**: CIRP period of 180 days…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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