Rajya Sabha Passes Bill To Temporarily Suspend Initiation Of Corporate Insolvency Resolution Process Under IBC [Read Bill]

The Rajya Sabha today passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, by voice vote. The Bill, already in force as an Ordinance, seeks to amend the IBC Code 2016 and temporarily suspend initiation of the Corporate Insolvency Resolution Process (CIRP), for a period of one year. While introducing the Bill, Finance Minister Nirmala Sitharaman explained that...