The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 – suspension of CIRP process

Central Government has issued “The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020” on 5th June 2020, for suspension of CIRP process.

As per the ordinance, no application for initiation of corporate insolvency resolution process (CIRP) of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months, or such further period not exceeding one year from such date.
[Introduced Section 10A].

Provision of this section shall not apply to any default committed before 25th March 2020.

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