The entire lockdown period i.e. from the date of imposition of lockdown by the GOI till the reopening of NCLT Chandigarh Bench on regular basis after removal of the lockdown be excluded from the compliances in relation to CIRP – New Ram Traders Vs. Rajiv Goyal – NCLT Chandigarh

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I. Case Reference

Case Citation : [2020] ibclaw.in 08 NCLT
Case Name : New Ram Traders Vs. Rajiv Goyal (RP/Monitoring Personal) and Another
Resolution Applicant : New Ram Traders (Successful Resolution Applicant)
Resolution Professional : Rajiv Goyal (RP/Monitoring Personal) and Another
C.P. (IB) No. : 30/Chd/Pb/2017
Order Date : 11-May-20
Court/Bench : NCLT Chandigarh Bench
Act : Insolvency & Bankruptcy Code 2016
Resolution Professional : Rajiv Goyal
Present for Appellant : Mr. Arun Saxena, Advocate with Ms. Nalini, Advocate
Present for Respondents I : Mr. Neevrat Sharma, Advocate
Present for Respondents  II : Mr. Abhay Gupta, Advocate with Mr. Praveen Sharma, AGM
Member (Judicial) : Ajay Kumar Vatsavayi

II. Brief about the decision

Question before the Adjudicating Authority

i.) 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;

ii.) 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;

iii.) To pass such other and further orders as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case.

NCLT considering the Suo Motu Writ Petition (Civil) No(s).3/2020, Regulation 40C of the CIRP Regulations, 2016 and Regulation 47A of Liquidation Process Regulations, 2016 held that In the circumstances and since the facts are not disputed by the respondents and in view of the orders of the Hon’ble Supreme Court of India and the NCLAT and the new Regulations issued by the IBBI, 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 CIRP

III. Full text of the judgement

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