KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER INDIAN LAW -
Suspension due to Coronavirus: Considering the adverse global impact of Coronavirus across the industry and the economy, filing of new cases under the (Indian) Insolvency and Bankruptcy Code, 2016 (“the Code”) has been suspended for the period of six months, extendable to one year, in relation to defaults that take place on or after March 25, 2020.
The Code however continues for cases of an earlier default and would continue for cases post the suspension period.
In addition, w.e.f. March 24, 2020, the threshold limit of a default to drag a defaulting company to the insolvency tribunal has also been raised to INR 10 million, from the earlier threshold of INR 0.1 Million.
Please see full Chapter below for more information.