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Judgment
The matter was taken up today through Video Conferencing.
Heard Sh. Rishabh Tripathi, alongwith Sh. Shashank Veer Singh, Advocates for the Applicant/RP who is present through Video Conferencing.
The present application being IA No.182/2020 in CP No.(IB)356/ALD/2019 has been filed by the RP under the provisions of Section 12(2) and (3) of the IBC, 2016 read with regulation 40 of Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and rule 11 of the NCLT Rules, 2016 praying for extension of the period of Corporate Insolvency Resolution Process beyond the period of 180 days for further 90 days, which is going to end on 07.09.2020 as per the aforesaid provisions of the Code & Regulations.
It is further contended that on account of lockdown due to COVID-19 Pandemic, the Insolvency process could not be completed within the prescribed time and therefore, extension of 90 days period is being sought alongwith exemption for the lockdown period i.e. from 25.03.2020 to 31.05.2020.
It is further contended that for the reason detailed in para 6 of the application, the extension is being sought for.
After hearing the Ld. Counsel for the Applicant, this Court is of the view that the cause shown is sufficient, accordingly, the application is hereby allowed. The extension of further period of 90 days beyond 180 days of CIRP is hereby extended along with exemption of lockdown period w.e.f. 25.03.2020 till 31.05.2020 as per the notification issued by the Central Government.
Accordingly, the present application stands disposed off.