NCLT JUDGEMENT ON SECTION 7, 12(2), 22, 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, RULE 4 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND REGULATION 40(C) OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016

NAME		MOBILE NO.	E-MAIL I’D
RANJEET KUMAR		8383098478, 9667769795	rk@courtkutchehry.com
JAI THAKUR		8130703334, 9355723300	jai.thakur@courtkutchehry.com
RAJEEV RANJAN		9334553249	rajiv.ranjan@courtkutchehry.com
ASHOK MISHRA		9718327746	sales@courtkutchehry.com
RAVI KUMAR			ravi.singh@courtkutchehry.com

Idbi Bank Ltd Vs. Neueon Towers Limited, (2020) 07 NCLT CK 0030

NCLT allowed the instant Interlocutory Application filed by Resolution Professional of the Respondent Company under Section 12(2) r/w Section 60(5) of Insolvency and Bankruptcy Code, 2016 and Regulation 40(C) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 praying the Tribunal to exclude the period of lockdown due to Covid-19 imposed by the Central Government and the State Government of Telangana from the Corporate Insolvency Resolution Process period. While allowing the application NCLT held that the learned counsel for Resolution Professional relied on Regulation 40C of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and contended that lockdown period to be excluded from CIRP. The COC also approved the same. Therefore, there are grounds to allow the application for excluding the lockdown period from CIRP and as such CIRP to be completed by 06.09.2020