Corporate insolvency resolution suspension limits initiation applications for post-25 March 2020 defaults under the insolvency code. The Act inserts section 10A into the Insolvency and Bankruptcy Code, 2016 to suspend filing of applications for initiation of corporate insolvency resolution process for defaults arising on or after 25 March 2020. The suspension operates for six months from that date, or for such further notified period not exceeding one year, and no application may ever be filed for defaults occurring during the suspended period. Defaults committed before 25 March 2020 remain outside the suspension.
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Corporate insolvency resolution suspension limits initiation applications for post-25 March 2020 defaults under the insolvency code.
The Act inserts section 10A into the Insolvency and Bankruptcy Code, 2016 to suspend filing of applications for initiation of corporate insolvency resolution process for defaults arising on or after 25 March 2020. The suspension operates for six months from that date, or for such further notified period not exceeding one year, and no application may ever be filed for defaults occurring during the suspended period. Defaults committed before 25 March 2020 remain outside the suspension.
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