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Suspension of IBC: Spotlight now on schemes under the Companies Act

In view of the suspension of the IBC, the government must create an alternative framework. It is the need of the hour

Topics
Insolvency and Bankruptcy Code | IBC ordinance | Companies Act

L Viswanathan & Gaurav Gupte 



IBC
A few alterations to the legal provisions will make schemes even more efficient for debt restructuring

The finance minister has announced the suspension of fresh insolvency proceedings for up to one year. During this period, the Insolvency and Bankruptcy Code, 2016 (IBC) will not be available for debt resolution and distressed companies and their creditors may turn to ‘schemes’ under the Companies Act, 2013.

Disclaimer: Views expressed are personal. They do not reflect the view/s of Business Standard.

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First Published: Sat, June 06 2020. 08:19 IST

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