[Breaking] No Fresh Insolvency For Default Arising After Lockdown Declaration : Centre Brings IBC Amendment Ordinance

The Central Government on Friday promulgated Insolvency and Bankruptcy (Amendment) Ordinance 2020 to effectively suspend the operation of Sections 7, 9 & 10 of IBC with respect to default arising on or after March 25 for a period of 6 months, extendable up to maximum of one year from such date as may be notified.Also, no application for insolvency can ever be filed for the default...