The Insolvency and Bankruptcy Board of India vide its notification dated 20th April 2020 has notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 which shall be effective from 17th April 2020.
The Amendment brings in a new regulation 47 A which state that 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 timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process.
Click here to read the Notification.
