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The National Company Law Appellate Tribunal (NCLAT) excluded the period of lockdown for the purposes of counting Resolution Process under section 12 of the Insolvency & Bankruptcy Code (IBC) of 2016.
Taking suo motu cognizance of the unprecedented situation due to the COVID19, the Bench comprising of Justice Bansi Lal Bhat, Justice Anant Bijay Singh & Ashok Kumar Mishra directed that any interim order or stay order passed by this Appellate Tribunal in anyone or other appeals under the IBC shall subsist till the next date of hearing.
The order says the following:
"as much as certain steps required to be taken by various Authorities under Insolvency and Bankruptcy Code, 2016 or to comply with various provisions and to adhere to the prescribed timelines for taking the 'Resolution Process' to its logical conclusion in order to obviate and mitigate such hardships, this Appellate Tribunal in exercise of powers conferred by Rule 11 of National Company Law Appellate Tribunal Rules, 2016 read with the decision of this Appellate Tribunal rendered in 'Quinn Logistics India Pvt. Ltd. vs. Mack Soft Tech Pvt. Ltd."
The Hon'ble Supreme Court Court had taken Suo Motu cognizance of the situation arising out of Covid-19 Virus. Taking note of the impending difficulties that may be faced by litigants and lawyers across the country in filing their petitions or applications or suits or appeals and all other proceedings within the period of limitation in all such proceedings, irrespective of the limitation prescribed under the general law or Special Laws whether condonable or not were extended with effect from 15th March 2020 till further orders.
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