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Covid-19 relief package: India to suspend bankruptcy code for one year
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NEW DELHI: India will suspend bankruptcy proceedings for one year so that companies are not dragged into tribunals at a time they are trying to get back on their feet, finance minister Nirmala Sitharaman said on Sunday.
The government will also make provisions in the law to exclude all debt associated with the coronavirus pandemic from defaults covered under the Insolvency and Bankruptcy Code (IBC), the minister said while announcing a raft of legislative measures to help businesses to tide over the crisis.
The measures will be brought to effect by way of an Ordinance, Sitharaman said. The legislative changes will also include a special framework for dealing with the bankruptcy of micro, small and medium enterprises (MSMEs).
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COVID-19
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India
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