https://www.taxtmi.com/news?id=23202 The Act inserts section 10A suspending initiation of corporate insolvency resolution processes for defaults arising on or after 25th March, 2020 for an initial six month period, extendable up to one year, and clarifies that defaults during that period cannot thereafter be the subject of such initiation while defaults before that date remain actionable; it also bars resolution professionals from filing avoidance or misfeasance applications in respect of suspended defaults and repeals the earlier Ordinance with savings for actions taken under it. en-us Thu, 24 Sep 2020 11:12:40 +0530 Thu, 24 Sep 2020 11:12:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=23202 The Act inserts section 10A suspending initiation of corporate insolvency resolution processes for defaults arising on or after 25th March, 2020 for an initial six month period, extendable up to one year, and clarifies that defaults during that period cannot thereafter be the subject of such initiation while defaults before that date remain actionable; it also bars resolution professionals from filing avoidance or misfeasance applications in respect of suspended defaults and repeals the earlier Ordinance with savings for actions taken under it. News - Thu, 24 Sep 2020 11:12:40 +0530 https://www.taxtmi.com/news?id=23202