IBC Amendment 2020
By EDITORIAL TEAM INSOL India Posted On : September 25, 2020
The Insolvency and Bankruptcy Code Amendment (2020) has been passed by the Parliament and the Amendment Act/Code has substituted the ordinance promulgated earlier. One of the main objectives of the amendment was to protect the corporate debtors facing stress because of the COVID-19 impact.
The relaxation from initiation of insolvency proceedings, which was initially for a period of six months, is likely to be extended for one year. The corporate debtors suffering or reeling under the impact of the pandemic would get breathing time to restructure themselves and continue their economic activity.
The relaxation from initiation of insolvency proceedings, which was initially for a period of six months, is likely to be extended for one year. The corporate debtors suffering or reeling under the impact of the pandemic would get breathing time to restructure themselves and continue their economic activity.