Just a moment...

Report
FeedbackReport
Bars
Logo TaxTMI
>
×

By creating an account you can:

Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
TMI Blog
Home / RSS

Suspension of initiation of corporate insolvency resolution process  [Section 10A ]

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Ordinance, 2020, on June 5, 2020, to exclude defaults arising from the impact of the pandemic and the nationwide lockdown for the purposes of insolvency proceedings. * This was subsequently replaced by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 which was notified on September 23, 2020 (having effect from June 5, 2020). * The ordinance has inserted Section 10A into the IBC....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the IBC (which deals with the CIRP and liquidations) shall apply to matters relating to the insolvency and liquidation of CDs where the minimum amount of the default is Rs. 100,000/-. The Central Government may, by notification, specify a higher minimum amount, but it shall not be more than Rs. 1 Crore. * Recognizing the stress faced by companies as a result of COVID-19, the Central Government ....