Suspension Of Operation Of Insolvency and Bankruptcy Code Extended For A Further Period Of Three Months

The Central Government has suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months. In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Government has extended the suspension of sections 7,9, 10 of the IBC for a further period of three months, the Finance Ministry stated. 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, according to the Finance Ministry.

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