{"id":15079,"date":"2020-09-25T20:20:01","date_gmt":"2020-09-25T14:50:01","guid":{"rendered":"http:\/\/udaen.info\/?p=15079"},"modified":"2020-09-25T20:20:01","modified_gmt":"2020-09-25T14:50:01","slug":"govt-extends-ibc-suspension-by-another-3-months","status":"publish","type":"post","link":"https:\/\/udaen.info\/?p=15079","title":{"rendered":"Govt extends IBC suspension by another 3 months"},"content":{"rendered":"<div class=\"container\">\n<div class=\"row\">\n<div class=\"col-xs-12\">\n<h1 class=\"news_heading detail_title\">Govt extends IBC suspension by another 3 months<\/h1>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"panel-display panel-1col clearfix\">\n<div class=\"panel-panel panel-col\">\n<div>\n<div class=\"panel-pane pane-panels-mini pane-news-details\">\n<div id=\"mini-panel-news_details\" class=\"panel-display panel-2col clearfix\">\n<div class=\"panel-panel panel-col-first\">\n<div class=\"inside\">\n<div class=\"panel-pane pane-views pane-news\">\n<div class=\"view view-news view-id-news view-display-id-block view-dom-id-6c9bcd4d1052fc553f49287557ceb0ea\">\n<div class=\"view-content\">\n<div class=\"item-list\">\n<ul>\n<li class=\"views-row views-row-1 views-row-odd views-row-first views-row-last\">\n<div>\n<div class=\"social_share detail_share\">\n<p class=\"date\">25-09-2020 | 7:51 pm<\/p>\n<div class=\"social_share_box\"><span class=\"share\">Share Now<img decoding=\"async\" class=\"contrast_light\" src=\"http:\/\/ddnews.gov.in\/sites\/all\/themes\/cmf\/theme\/images\/share.png\" alt=\"\" \/><\/span><\/p>\n<ul class=\"sharebtns\">\n<li class=\"s_icons\"><a class=\"facebook\" title=\"The in%2Fbusiness%2Fgovt-extends-ibc-suspension-another-3-months file Open in new window\" role=\"link\" href=\"https:\/\/www.facebook.com\/sharer.php?u=http%3A%2F%2Fddnews.gov.in%2Fbusiness%2Fgovt-extends-ibc-suspension-another-3-months\" target=\"_BLANK\">Share on Facebook<\/a><\/li>\n<li class=\"s_icons\"><a class=\"twitter\" title=\"The in%2Fbusiness%2Fgovt-extends-ibc-suspension-another-3-months file Open in new window\" role=\"link\" href=\"http:\/\/twitter.com\/share?url=http%3A%2F%2Fddnews.gov.in%2Fbusiness%2Fgovt-extends-ibc-suspension-another-3-months\" target=\"_BLANK\">Share on Twitter<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"views-field views-field-php-1\"><span class=\"field-content\"><img decoding=\"async\" title=\"Govt extends IBC suspension by another 3 months\" src=\"http:\/\/ddnews.gov.in\/sites\/default\/files\/IBC%20order_0.png\" alt=\"Govt extends IBC suspension by another 3 months\" \/><\/span><\/div>\n<div>\n<div class=\"news_content\">\n<p class=\"heading_small\">The government has extended the suspension of insolvency proceedings for any COVID-19 related default by a period of three months, effective from September 25.<\/p>\n<p>The Insolvency &amp; Bankruptcy Code (IBC) was suspended for a period of six months with effect from March 25, 2020, by the government earlier, to protect those experiencing financial distress on account of the pandemic.<\/p>\n<p>This means that no insolvency proceedings can be initiated against any borrower for defaults arising on or after March 25, 2020, until such time that the IBC remains suspended.<\/p>\n<p>The government has now decided to further extend the suspension for another three months until the last week of December under the newly inserted Section 10A of the IBC.<\/p>\n<p>While suspending the IBC in June, the government had said it was &#8220;difficult to find an adequate number of resolution applicants to rescue a corporate person who may default in the discharge of their obligation&#8221;.<\/p>\n<p>Therefore, it decided to suspend Section 7, 9 and 10 of the IBC to prevent the initiation of insolvency proceedings for COVID-related defaults.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Govt extends IBC suspension by another 3 months 25-09-2020 | 7:51 pm Share Now Share on Facebook Share on Twitter The government has extended the suspension of insolvency proceedings for any COVID-19 related default by a period of three months, effective from September 25. The Insolvency &amp; Bankruptcy Code (IBC) was suspended for a period [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/15079"}],"collection":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15079"}],"version-history":[{"count":1,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/15079\/revisions"}],"predecessor-version":[{"id":15080,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/15079\/revisions\/15080"}],"wp:attachment":[{"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}