Insolvency and Bankruptcy Code (Second Amendment)Act, 2020.
BILL NO. XXXI OF 2020
(1.) This Act may be called the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020.
(2) It shall be deemed to have come into force on the 5th day of June, 2020.
- After section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the principal Act), the following section shall be inserted, namely:—
“10A. (1) Notwithstanding anything contained in sections 7, 9 and 10, no
application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf:
Provided that no application shall ever be filed for initiation of corporate
insolvency resolution process of a corporate debtor for the said default occurring during the said period.
Explanation.—For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 2020.”.
