[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...