Suspension of CIRP initiation: temporary bar on filing for pandemic-related defaults while preserving creditor recovery rights. The law imposes a temporary statutory bar on filing insolvency applications for corporate debtors for defaults arising during the pandemic period, while explicitly preserving the underlying debt and creditors' rights to recover it; the government also raised the minimum default threshold by notification and extended the suspension window, and judicial interpretation confirms the retrospective operation of the filing bar without extinguishing substantive debt or recovery rights.
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Suspension of CIRP initiation: temporary bar on filing for pandemic-related defaults while preserving creditor recovery rights.
The law imposes a temporary statutory bar on filing insolvency applications for corporate debtors for defaults arising during the pandemic period, while explicitly preserving the underlying debt and creditors' rights to recover it; the government also raised the minimum default threshold by notification and extended the suspension window, and judicial interpretation confirms the retrospective operation of the filing bar without extinguishing substantive debt or recovery rights.
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