NEW DELHI: Parliament on Monday accepted the Insolvency and Bankruptcy Code (Second Modification) Invoice, 2020, whereby contemporary insolvency proceedings won’t be initiated for no less than six months ranging from March 25 in view of the coronavirus pandemic.
Replying to a debate on the invoice within the Lok Sabha, finance minister Nirmala Sitharaman stated the amendments would offer aid to corporations reeling underneath the impression of the coronavirus pandemic.
The invoice looking for to interchange the Ordinance was later accepted by the Lok Sabha. The Rajya Sabha has already accepted within the invoice on Saturday.
The invoice mandates {that a} default on repayments from March 25, the day when a nationwide lockdown started to curb the unfold of coronavirus, wouldn’t be thought of for initiating insolvency proceedings for no less than six months.

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