Suspension of initiation of CIRP for 6 months: Covid-19 Impact
Government of India vide Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 dated 5th June 2020 1 has suspended insolvency triggering provisions i.e Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) in respect of defaults arising on or after 25th March, 2020 for 6 months or such further period not exceeding 1 year. Ordinance has also clarified that such suspension shall not apply to any default committed before 25th March, 2020.
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