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Another IBC suspension on cards? FinMin begins industry consultations

Another IBC suspension on cards? FinMin begins industry consultations
According to industry sources, the Finance Ministry has started consultations with the industrialists and industry officials to understand the impact of second wave on businesses
Nevin John | April 19, 2021 | Updated 19:59 IST
The last IBC suspension ended on March 24
As the second wave of COVID-19 intensifies across the country, the government is looking to reintroduce mortorium on new cases being tried under Insolvency and Bankruptcy Code (IBC). The government s earlier suspension of bankruptcy action against corporate defaulters expired on March 24 this year.
According to industry sources, the Finance Ministry has started consultations with the industrialists and industry officials to understand the impact of second wave on businesses. They also enquired whether reintroducing suspension of IBC would be beneficial at this stage, said an industrialist. ....

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Suspension of IBC proceedings may not be extended beyond March 24

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