The appellate court for bankruptcy cases has extended the 270-day time limit for all ongoing insolvency resolutions by exempting the lock down period from the calculation of deadline, according to the court’s order dated March 30.
- National Company Law Appellate Tribunal took suo motu cognizance of the “unprecedented situation” risen due to coronavirus outbreak and the nationwide 21-day lockdown announced by the federal government
- Court also extends all stay orders granted in pending cases until next hearing of the cases
- NOTE: Bankruptcy courts remain shut during the lockdown period
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