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.
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IBC
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