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COVID-19: Government to suspend insolvency proceedings for six months, amends IBC

Updated : April 24, 2020 08:44 PM IST

The announcement, however, has been held back as Narendra Modi government aims to unveil it along with other relief measures.
The new clause -- Section 10A is to suspend Sections 7, 9 and 10 for six months or until further orders, with a rider that the amendment clause cannot be extended to more than a year.
While Section 7 deals with financial creditors initiating insolvency action, Section 9 deals with operational creditors initiating action.

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