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Parliament Passes Bill To Temporarily Suspend Initiation Of Corporate Insolvency Resolution Process Under IBC

The Lok Sabha today passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, by voice vote. The Bill was passed by the Rajya Sabha on September 19, 2020. It seeks to amend the IBC Code 2016 and temporarily suspend initiation of the Corporate Insolvency Resolution Process (CIRP), for a period of one year.While introducing the Bill, Finance Minister Nirmala Sitharaman explained that the Bill shall temporarily suspend initiation of corporate insolvency resolution process for a period not exceeding one year, from March 25, 2020, to ease the financial stress being faced by companies during the extraordinary economic situation caused by the COVID-19 pandemic.

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