New Ram Traders Vs. Rajiv Goyal – NCLT Chandigarh Bench

by | May 23, 2020 | Case Laws

I.A. No. 184 & 185 of 2020
in
CP(IB) No. 30/Chd/Pb/2017 (Admitted)

Compliance in relation to CIRP - Payments for Approved Resolution Plan, LockDown period is excluded

Question before the Adjudicating Authority

Whether in case of an Approved Resolution Plan and the payment terms mentioned therein, the period of Lockdown on account of COVID-19 is excluded?

Relief sought for before the Adjudicating Authority

  1. To exclude the period of complete lockdown from the due date of first trench of payments & allow Applicant to make first trench of payments within 30 (thirty) days from the date of order excluding the period of lockdown;
  2. To exclude the time period of complete lock down from the due date of making final payments under Approved Resolution Plan & allow applicant to make final payment within 90 (Ninety) days from the date of order excluding period of lockdown;

Orders by the Adjudicating Authority

The entire lockdown period i.e. from the date of imposition of lockdown by the Government of India till the reopening of National Company Law Tribunal, Chandigarh Bench, on regular basis, after removal of the lockdown, be excluded, from the compliances required to be made under order dated 13.03.2020 in CA No.893/2019, passed by this Tribunal and in relation to the Corporate Insolvency Resolution Process.

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