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Govt to suspend up to 1-year IBC provisions that trigger insolvency cases

The sources said an ordinance would be promulgated to suspend three sections of IBC for up to one year and a decision in this regard was taken by the Union Cabinet on Wednesday.

Topics
Coronavirus | Insolvency and Bankruptcy Code | IBC proceeding

BS Web Team & PTI 



gavel, Insolvency, IBC, firms
Suspension of these provisions could be extended up to one year based on the economic situation going forward

In a major relief for corporate borrowers hit hard by the pandemic, the government has decided to amend the insolvency law to suspend up to one year provisions that trigger insolvency proceedings against defaulters, according to sources.

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First Published: Thu, April 23 2020. 18:18 IST

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