NCLAT has said that the period of lockdown will be excluded from the 90-day deadline set for the completing the debt resolution process of IL&FS.
“The period of lockdown/shutdown ordered by the Central Government and the State Governments shall be excluded for the purpose of counting the period of 90 days as has been ordered by this Appellate Tribunal vide judgment dated 12th March, 2020,” it said. Justice Bansi Lal Bhat, along with Justice Anant Bijay Singh and Ashok Kumar Mishra, Member (Technical) stated that as per the previous orders of appeals coming up for listing on April 14, the same will not be applicable now. Next date of hearing will be notified later, NCLAT said.
