Lockdown Period Excluded from Corporate Insolvency Resolution Process Timeline

To alleviate the hardships faced by various stakeholders and legal fraternity to comply with timelines of the corporate insolvency resolution process in the wake of COVID-19, an amendment was brought in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”). The period of lockdown imposed by the Central Government will be excluded from the time-lines as provided in the CIRP Regulations in relation to the corporate insolvency resolution process.