covid-19: insolvency and bankruptcy code (amendement) ordinance, 2020
The much anticipated Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (“Ordinance”), was promulgated on June 5, 2020 and came into immediate effect. The Ordinance provides for a limited suspension on the initiation of proceedings under the Insolvency and Bankruptcy Code, 2016 (“IBC”), with the aim of giving businesses some breathing room in light of the devastating economic impact of the COVID-19 pandemic.
This article mainly focuses on the legislative change brought under the IBC 2016 for the inclusion of restructuring processes for a Financial Service Provider, more specifically Non- Banking Financial Companies (NBFC). In light of this significant development, we have also analyzed the role of RBI for initiating any corporate resolution process under these new rules.
Insolvency and Bankruptcy Code, 2016 – A Recap of the Last Quarter of the Decade!
The last quarter of 2019 saw a number of developments in the IBC landscape, both in terms of legislative and regulatory changes as well as landmark judgments. While some of the developments did clarify certain positions in law, some also added more ambiguity to the ever changing landscape.
Click here for the read more on the key developments in the last quarter of the decade