Govt promulgates ordinance to amend Insolvency & Bankruptcy Code

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.