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8. The Liquidator also failed to take note of Regulation 47 A of the Liquidation Process Regulation 2016.

9. The learned Adjudicating Authority failed to consider that IA 3377 of 2021 was filed on 25 May 2021; 3 months extension as prayed for would have expired only on 24 August 2021.

10. Further, as stated above, the Lockdown in Tamil Nadu State pertaining to the 2nd wave of Covid 19 outbreak on 10 May 2021 continues. Thus, the IA was not infructuous as on 10 August 2021 when the impugned order was passed, since the prayer sought for before the Adjudicating Authority was either a three-month extension from the date of filing of IA or 'one-month extension from the lifting of complete lockdown' in the state of Tamil Nadu.

13. The valuers empanelled with the Bank of India, the Appellant's Bank, we're unable to visit the Pondicherry unit to assess the property's marketability to arrive at the value of the property, which is a benchmark for the bankers to evaluate the Appellant's loan proposal.

14. The Appellant was in any event entitled to complete exclusion of the period from May 2021 on account of Lockdown under Regulation 47 A of the IBBI (Liquidation Process) Regulations, 2016.

15. By Regulation 47, A of the IBBI (Liquidation Process) Regulations, 2016, the period after the imposition of Lockdown must be wholly excluded from the calculation of the 90 days. Accordingly, if the Liquidator had acted as per law, there might have been no occasion for the Appellant to seek an extension of time.

[AA: Adjudicating Authority, LCD: Liquidation Commencement Date, SCC:
Stakeholders' Consultation Committee]] Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 Amendment DT. 20.4.2020 w.e.f.17.4.2020 vide Government Notification. [47-A. Exclusion of period of Lockdown.--Subject to the provisions of the Code, 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.] Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Amendment DT. 20.4.2020 w.e.f.29.3.2020 vide Government Notification [40-C. Special provision relating to the timeline.--Notwithstanding the timelines contained in these regulations, but subject to the provisions in the Code, the period of Lockdown imposed by the Central Government in the wake of the Covid-19 outbreak shall not be counted for the timeline for any activity that could not be completed due to such Lockdown, in relation to a corporate insolvency resolution process.] Analysis

26. It is pertinent to mention that the Government of India vide notification dated 20 April 2020 brought similar notification 40 C, as a special provision relating to the timeline under the Insolvency Resolution Process Regulation Company Appeal (AT) (Insolvency) No. 684 of 2021 14 of 18 2016. Accordingly, this Regulation was effective with effect from 29 March 2020.

27. In the instant case, the applicant had sought an extension of 3 months on the ground of the 2nd wave of the Covid 19 outbreak. The applicant stated that Lockdown had been imposed in Tamil Nadu since 10 May 2021 because of the 2nd wave of Covid 19. Regulation 47 A provided that the period of Lockdown imposed by the central government in the wake of the Covid 19 outbreak shall not be counted for computation of timeline for any task that could not be completed due to Lockdown in relation to any liquidation process. Although, the applicability of Regulation was dependent on the Lockdown declared by the Central Government. Therefore, we are doubtful about the relevance of Regulation 47 A in the instant case because Lockdown was declared by Tamil Nadu State and not the Central Government.