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[IBC] Suspension Of Initiation Of Corporate Insolvency Resolution Process Further Extended By Three Months [Read Notification

LIVELAW NEWS NETWORK
24 Sep 2020 2:35 PM GMT
[IBC] Suspension Of  Initiation Of Corporate Insolvency Resolution Process Further Extended By Three Months [Read Notification
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No application for initiation of corporate insolvency resolution process of a corporate debtor can be filed, for any default arising on or after 25th March, 2020 for a period further period of three months from the 25th September, 2020.

Notification to this effect has been published in the official Gazette of India on Thursday.

Recently, the Parliament had passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020.  Section 10A, as per this amendment, reads as follows:

"10A. (1) Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf: Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period.

The Amendment also clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 2020. 


Click here to Read/Download Notification






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