New Delhi: The IBBI (Insolvency and Bankruptcy Board of India) has said on Monday that the 21-day Coronavirus lockdown period will not be counted for the purpose of the timeline of the completion of any activity under the Corporate Insolvency Resolution Process (CIRP). However, the timeline for resolving a case of insolvency under the IBBI and will have to be adhered to.
"To address this difficulty faced by the lockdown due to COVID-19, the Insolvency and Bankruptcy Board of India (IBBI) amended the CIRP Regulations to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to a corporate insolvency resolution process," the IBBI said.
The IBBI has allowed an extension in the timelines of various activities such as invitation, submission, and verification of claims, preparation of memorandum, the constitution of the committee of creditors, the appointment of resolution professionals to replace the interim resolution professional and invitation and receipt of expression of interest and resolution plans.
"The Government of India has declared a lockdown of twenty-one days with effect from 25th March 2020 as a measure to combat and contain the spread of COVID-19. It is difficult for the insolvency professionals to continue to conduct the process, for members of the committee of creditors to attend the meetings, and for prospective resolution applicants to prepare and submit resolution plans, during the period of lockdown. Therefore, it may be difficult to complete various activities during a corporate insolvency resolution process within the timelines specified in the CIRP Regulations," the statement said.
The government imposed a 21-day lockdown to prevent the spread of Coronavirus on March 24. So far, 1,071 confirmed cases and 29 deaths have been reported in India.
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