The Government of India announced that Sections 7, 9 and 10 of the Insolvency & Bankruptcy Code, 2016 shall continue to remain suspended for another three months i.e. till March 25, 2021 on account of the COVID -19 pandemic. Sections 7, 9 and 10 deal with the initiation of corporate insolvency proceedings by financial and operational creditors against corporate debtors. The Central Government had originally, by way of an ordinance dated June 5, 2020 announced that all insolvency proceedings for defaults arising on or after March 25, 2020 shall be suspended for a period of 6 months (extendable up to one year). Subsequently, it had notified an extension of such suspension for a further period of 3 months till December 25, 2020.”
For media related queries
Khushboo Luthra
+91 (11) 4747 1452 / 9910 288 222
Khushboo@singhania.in
Subscribe to our Legal Alert
You have Successfully Subscribed!
News
IPTimes.Law: 2020 Rewind
Welcome to the 2020 round up of legal news in the field of Intellectual Property Rights by
Arbitration Clause in an unstamped contract is valid
Nearly after a decade of deciding that an arbitration clause contained in an unstamped
GOI extends suspension of IBC proceedings till March 25, 2021
The Government of India announced that Sections