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September 24, 2020

Govt extends suspension of proceedings under IBC by 3 months

by facelesscompliance in Income Tax

Govt extends suspension of proceedings under IBC by 3 months

In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Central Government has extended the suspension of sections 7,9, 10 of the IBC for a further period of three months.

Extension of suspension of sections 7,9,10 of the IBC reinforces the Government’s commitment to protecting businesses. It also gives companies breathing time to recover from financial stress.

Earlier in June, the Union Cabinet cleared the proposal to suspend insolvency proceedings under the IBC for six months, a decision that was taken to avoid companies from being forced into insolvency for non-performing assets during the COVID-19 period. The suspension, which came into effect starting March 25, was brought in via the ordinance route.

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