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Liquidation process regulations amended to exclude period of lockdown
April 20, 2020The IBBI (Liquidation Process) Regulations, 2016 have been amended to provide for a new Regulation 47A that the period of lockdown in the wake of COVID-19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed due to such lockdown in relation to any liquidation process. This is, however, subject to the overall time-limit provided in the IB Code.
To refer to the IBBI (Liquidation Process) (Second Amendment) Regulations 2020, dated 17 April 2020, click here.
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