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Economy

Rajya Sabha passes amendment in Insolvency and Bankruptcy Code

Updated : September 19, 2020 11:56 AM IST

Replying to a debate on the Bill in the House, union finance minister Nirmala Sitharaman said the intention of the IBC is to keep companies a "going concern" and not liquidate them.
The Bill mandates that a default on repayments from March 25 would not be considered for initiating insolvency proceedings for at least six months.
Rajya Sabha passes amendment in Insolvency and Bankruptcy Code

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