IBC relaxation: In IBC timeline, lockdown period won’t be counted

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1. Lockdown period will not be counted towards the timeline for any activity under the corporate insolvency resolution process. It is said in the notification by Insolvency and Bankruptcy Board of India-

“…the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process,”

2. IBBI has issued a fresh regulation to amend the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which will come into effect from Sunday. Corporate insolvency resolution process (CIRP) in a case under IBC needs to be completed in 330 days including time taken for litigation.

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