The Insolvency and Bankruptcy Board of India in its notification dated 17th April 2020 has introduced the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 which shall be effective from 17th April 2020.
A new proviso 47A has been inserted in the regulation which provides that the period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak would 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.
Click here to read the notification.
