Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020
In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby amend the regulation 47 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and inserted the following regulation namely: –
Exclusion of period of lockdown
47A. Subject to the provisions of the Code, the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of computation of the time-line for any task that could not be completed due to such lockdown, in relation to any liquidation process.