[Breaking] Debts Incurred Due To COVID-19 Not To Be Treated As 'Default' For IBC; No Fresh Insolvency For A Year : Finance Minister
LIVELAW NEWS NETWORK
17 May 2020 12:01 PM IST
![[Breaking] Debts Incurred Due To COVID-19 Not To Be Treated As Default For IBC; No Fresh Insolvency For A Year : Finance Minister](https://www.livelaw.in/h-upload/2020/05/14/750x450_374778-nirmala-sitharaman.jpg "[Breaking] Debts Incurred Due To COVID-19 Not To Be Treated As Default For IBC; No Fresh Insolvency For A Year : Finance Minister")
Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, on Sunday announced that debts incurred due to COVID-19 lockdown will not be treated as "default" under the Insolvency and Bankruptcy Code 2016.There will be an embargo on fresh insolvency proceedings will be initiated for a period up to one year, depending on the pandemic situation.Minimum threshold to initiate...
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