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New Delhi:
Parliament on Monday permitted the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, whereby recent insolvency proceedings is not going to be initiated for no less than six months ranging from March 25 in view of the coronavirus pandemic.
Replying to a debate on the invoice within the Lok Sabha, Finance Minister Nirmala Sitharaman mentioned the amendments would offer reduction to firms reeling underneath the affect of the coronavirus pandemic.
The invoice searching for to switch the Ordinance was later permitted by the Lok Sabha. The Rajya Sabha has already permitted within the invoice on Saturday.
The invoice mandates {that a} default on repayments from March 25, the day when a nationwide lockdown started to curb the unfold of coronavirus, wouldn’t be thought-about for initiating insolvency proceedings for no less than six months.
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