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Govt brings ordinance to amend Insolvency & Bankruptcy Code

Updated: June 6, 2020 1:16 pm

Union Government has promulgated an ordinance to amend Insolvency and Bankruptcy Code. Under it, fresh insolvency proceedings will not be initiated for defaults due to the COVID-19 pandemic. Default on repayments from 25th of March, the day when the nationwide lockdown began to curb Corona virus infections, will not be considered for initiating insolvency proceedings for a certain period of time.

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