{"id":6038,"date":"2020-04-24T15:19:53","date_gmt":"2020-04-24T09:49:53","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=6038"},"modified":"2021-10-13T15:49:22","modified_gmt":"2021-10-13T10:19:22","slug":"ibbi-relaxation-due-to-covid-19-outbreak-in-cirp","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/ibbi-relaxation-due-to-covid-19-outbreak-in-cirp\/","title":{"rendered":"IBBI\u00a0CIRP Regulation by relaxation timeline due\u00a0to\u00a0COVID-19"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_88 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6ac88d2198f66\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6ac88d2198f66\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/ibbi-relaxation-due-to-covid-19-outbreak-in-cirp\/#IBBI_amends_CIRP_Regulation_by_relaxation_timeline_due_to_COVID-19_outbreak\" >IBBI\u00a0amends\u00a0CIRP Regulation by relaxation timeline due\u00a0to\u00a0COVID-19\u00a0outbreak<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/ibbi-relaxation-due-to-covid-19-outbreak-in-cirp\/#IBBI_amends_the_CIRP_Regulations_to_include_relaxation_due_to_the_COVID-19_outbreak_in_the_corporate_insolvency_resolution_process\" >IBBI amends the CIRP Regulations to include relaxation due to the COVID-19 outbreak in the corporate insolvency resolution process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/ibbi-relaxation-due-to-covid-19-outbreak-in-cirp\/#The_IBC_Amendment_Ordinance_2020\" >The IBC (Amendment) Ordinance, 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/ibbi-relaxation-due-to-covid-19-outbreak-in-cirp\/#What_are_the_Key_Issues_its_Analysis\" >What are the Key Issues &amp; its Analysis<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8511\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT-1024x576.jpg\" alt=\"www.carajput.com; Bankrupt\" width=\"972\" height=\"546\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/09\/BANKRUPT.jpg 1200w\" sizes=\"auto, (max-width: 972px) 100vw, 972px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"IBBI_amends_CIRP_Regulation_by_relaxation_timeline_due_to_COVID-19_outbreak\"><\/span><span style=\"color: #ff0000;\">IBBI\u00a0amends\u00a0CIRP Regulation by relaxation timeline due\u00a0to\u00a0COVID-19\u00a0outbreak<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The\u00a0press\u00a0note\u00a0on\u00a0the\u00a0lockout\u00a0notification\u00a0reads\u00a0as\u00a0follows:\u00a0In\u00a0order\u00a0to\u00a0solve\u00a0this\u00a0dilemma,\u00a0the\u00a0IBBI\u00a0amended\u00a0the\u00a0CIRP\u00a0Regulations\u00a0to\u00a0ensure\u00a0that\u00a0the\u00a0lockout\u00a0period\u00a0enforced\u00a0by\u00a0the\u00a0Central\u00a0Government\u00a0following\u00a0the\u00a0<a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=1609290\">outbreak\u00a0of\u00a0COVID-19\u00a0is\u00a0not\u00a0to\u00a0be\u00a0counted\u00a0for\u00a0the\u00a0purposes\u00a0of\u00a0the\u00a0time-line\u00a0for\u00a0any\u00a0operation\u00a0<\/a>that\u00a0could\u00a0not\u00a0be\u00a0completed\u00a0as\u00a0a\u00a0consequence\u00a0of\u00a0the\u00a0lock-down.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"IBBI_amends_the_CIRP_Regulations_to_include_relaxation_due_to_the_COVID-19_outbreak_in_the_corporate_insolvency_resolution_process\"><\/span><span style=\"color: #000080;\"><strong>IBBI amends the CIRP Regulations to include relaxation due to the COVID-19 outbreak in the corporate insolvency resolution process<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>However, it would be subject to the overall time limit set out in the Code. Why does the word &#8216;subject to the Code&#8217;s complete time limit? Will that mean you have to stick to the periods of 180\/270\/330 days.<\/li>\n<li>The only relaxation is in respect to the prescribed timelines for the different activities for which relaxation was given. Was my interpretation inter alia <a href=\"https:\/\/pib.gov.in\/PressReleaseIframePage.aspx?PRID=1609290\">LINK<\/a><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"The_IBC_Amendment_Ordinance_2020\"><\/span><strong><span style=\"color: #000080;\">The IBC (Amendment) Ordinance, 2020<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The Ordinance prohibits the initiation of insolvency applications for defaults occurring within six months of March 25, 2020. (extendable up to one year).<\/li>\n<li>A director or a partner may be made responsible if, despite knowing that insolvency proceedings are unavoidable, he failed to exercise due diligence in reducing the possible loss to creditors. This\u00a0 Ordinance removes above said provision for defaults in the above mention period.<\/li>\n<\/ul>\n<p>Read Also : <a href=\"https:\/\/carajput.com\/services\/how-does-the-role-of-resolution-professional-help.php\">How does the Role of Resolution Professional help under IBC<\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_Key_Issues_its_Analysis\"><\/span><span style=\"color: #000080;\"><strong>What are the Key Issues &amp; its Analysis<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The suspension of the insolvency resolution process raises several issues.<\/li>\n<\/ul>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>This IBC ordinance is prohibiting resolution even in cases where that may be the best way to preserve value of assets.<\/li>\n<li>Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 removes the option of a debtor to avail of the insolvency resolution process by way of restructuring.<\/li>\n<li>IBC ordinance 2020 is unclear why insolvency proceedings against identified precisely specified defaults have been prohibited forever.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<ul>\n<li>This is controversial issue that whether a personal guarantor to a corporate debtor should be subjected to insolvency proceedings for defaults for which insolvency proceedings are not allowed against the debtor<\/li>\n<\/ul>\n<p><strong>Popular blogs on IBC : <\/strong><a href=\"https:\/\/carajput.com\/blog\/ibc-forms-insolvency-and-bankruptcy-code-2016-forms-demand-notices-returns\/\">IBC Forms Insolvency and Bankruptcy Code 2016 Forms Demand Notices Returns<\/a><\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/blog\/overviews-of-principles-of-avoidable-preferential-transactions-ibc-2016\/\">Overviews of Principles of Avoidable Preferential Transactions IBC-2016<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/gstn-provided-guidance-on-the-gst-registration-facility-available-for-irp\/\">Guidance on the GST Registration Facility available for IRP under the IBC<\/a><\/li>\n<li><a href=\"https:\/\/carajput.com\/blog\/analysis-of-limitation-act-and-ibc-interconnection-and-related-judgments\/\">Analysis of Limitation Act and IBC interconnection and related judgement<\/a><\/li>\n<li>a <a href=\"https:\/\/carajput.com\/learn\/quick-review-on-insolvency-and-bankruptcy-code.html\">quick overview of IBC<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/\">Rajput Jain &amp; Associates<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IBBI\u00a0amends\u00a0CIRP Regulation by relaxation timeline due\u00a0to\u00a0COVID-19\u00a0outbreak The\u00a0press\u00a0note\u00a0on\u00a0the\u00a0lockout\u00a0notification\u00a0reads\u00a0as\u00a0follows:\u00a0In\u00a0order\u00a0to\u00a0solve\u00a0this\u00a0dilemma,\u00a0the\u00a0IBBI\u00a0amended\u00a0the\u00a0CIRP\u00a0Regulations\u00a0to\u00a0ensure\u00a0that\u00a0the\u00a0lockout\u00a0period\u00a0enforced\u00a0by\u00a0the\u00a0Central\u00a0Government\u00a0following\u00a0the\u00a0outbreak\u00a0of\u00a0COVID-19\u00a0is\u00a0not\u00a0to\u00a0be\u00a0counted\u00a0for\u00a0the\u00a0purposes\u00a0of\u00a0the\u00a0time-line\u00a0for\u00a0any\u00a0operation\u00a0that\u00a0could\u00a0not\u00a0be\u00a0completed\u00a0as\u00a0a\u00a0consequence\u00a0of\u00a0the\u00a0lock-down. IBBI amends the CIRP Regulations to include relaxation due to the COVID-19 outbreak in the corporate insolvency resolution process However, it would be subject to the overall time limit set out in the Code. Why does the word &#8216;subject to the Code&#8217;s complete time limit? Will that mean &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8788],"tags":[8488,8486,8487],"class_list":["post-6038","post","type-post","status-publish","format-standard","hentry","category-insolvency","tag-covid-19-outbreak","tag-relaxation-due-to-covid-19-outbreak-in-the-cirp","tag-timeline-of-crp"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"IBBI amends CIRP Regulation by relaxation timeline due to COVID-19, The IBC (Amendment) Ordinance, 2020, amended Corporate Insolvency Resolution Process (CIRP)\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Rajput Jain &amp; Associates\"\/>\n\t<meta name=\"keywords\" content=\"covid-19 outbreak,relaxation due to covid-19 outbreak in the cirp,timeline of 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