Section 10A The Insolvency and Bankruptcy Code, 2016

/ The Insolvency and Bankruptcy Code, 2016 / By

Suspension of initiation of corporate insolvency resolution process.

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.]

 

Amendment

1. Ins. by Act No. 17 of 2020, sec. 2 (w.e.f. 05-06-2020).

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