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Judgment
This court convened through video conferencing today.
This Interlocutory Application has been filed by Resolution Professional, under section 12(2) of Insolvency & Bankruptcy Code, 2016 seeking Exclusion of lock down period w.e.f. 23.03.2020 to 31.10.2020 and extension of Corporate Insolvency Resolution Process (CIRP)by 90 days from 10.01.2021.
The CIRP of the Corporate Debtor commenced on 16.12.2019 and the 180 days period from 16.12.2019 was concluded on 13.06.2020, however the lockdown was imposed by the central Government on 25.03.2020, there was inter-district travel restrictions imposed till 09.09.2020 and as such the applicant claims exclusion on 219 days as per the table given below:
Sr. No
Period
No. of Days
1
25.03.2020 to 02.06.2020
70 days
2
03.06.2020 to 09.09.2020 ( lockdown
period)
98 days
3
10.09.2020 to 31.10.2020 (partial
lockdown)
51 days
The CoC vide its meeting on 31.10.2020 has resolved to claim an exclusion of period lockdown from CIRP and further seeks an extension of 90 days to complete the resolution process. The resolution passed by the CoC is as follows:
"Resolved to approve to apply to the Hon'ble NCLT, Mumbai bench to exclude lockdown period from CIRP and to apply further to extend CIRP by another 90 days."
The resolution was passed by 100% voting in its favour.
In View of the above this Bench approves exclusion for the period of 219 days from 25.03.2020 to 31.10.2020 as an exception in view of the lockdown and inter district travel restrictions, the CIRP would end on 3.02.2021, and also approves the further extension of Corporate Insolvency Resolution Process period by 90 days, the CIRP would now end on 4.05.2021. IA is allowed and disposed off with the above directions.