[Breaking] No Fresh Insolvency For Default Arising After Lockdown Declaration : Centre Brings IBC Amendment Ordinance
LIVELAW NEWS NETWORK
5 Jun 2020 8:09 PM IST
![[Breaking] No Fresh Insolvency For Default Arising After Lockdown Declaration : Centre Brings IBC Amendment Ordinance](https://www.livelaw.in/h-upload/2019/09/24/750x450_364860-insolvency-and-bankruptcy-code.webp "[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...
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