Suspension of Insolvency and Bankruptcy Code

The government promulgated an ordinance to amend the Insolvency and Bankruptcy Code (IBC) whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 amid the COVID-19 pandemic.

  • The ordinance suspends sections 7, 9 and 10 on grounds that the pandemic has created uncertainty and stress for business for reasons beyond their control.
  • Section 7, 9 and 10 of the Insolvency and Bankruptcy Code, 2016 allow for insolvency filings by financial creditors, operational creditors and the corporate debtor itself.

IBC

  • The IBC was enacted in 2016 with the aim to ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy April 2021 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

Indian Economy & Socio-economic Development