CIRP Regulations are amended to provide that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to the lockdown, in relation to CIRP.
This would, however, be subject to the overall time-limit provided in the Code
Effective date: March 29, 2020
Source: Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate
Persons) (Third Amendment) Regulations, 2020.
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