 "Illustration: Binay Sinha")
In a bid to give relief to companies defaulting on loans due to the Covid-19 stress, Finance Minister Nirmala Sitharaman on Sunday said no fresh insolvency will be initiated for one year under the Insolvency and Bankruptcy Code.
Also, coronavirus-related debt will be excluded from definition of default, she said.
#WATCH Finance Minister Nirmala Sitharaman announces the last tranche of #EconomicPackage https://t.co/doq5YvOydo
— ANI (@ANI) May 17, 2020
Minimum threshold to initiative insolvency proceeding has been raised to Rs 1 crore from Rs 100,000 to benefit MSMEs, she
