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Promulgated by the President in the Seventy-second Year of the Republic of India, listed belowis an Ordinance, further to amend the Insolvency and Bankruptcy Code, 2016 and the release of the IBC (Amendment) Ordinance, 2021. Read the official notification below: MINISTRY OF LAW AND JUSTICE (Legi
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FAQ :
It is an ordinance promulgated by the President to further amend the Insolvency and Bankruptcy Code, 2016.
It was introduced to address the specific requirements of micro, small, and medium enterprises (MSMEs) concerning insolvency resolution, especially given the financial distress caused by the COVID-19 pandemic.
The ordinance aims to provide an efficient alternative insolvency resolution process for MSMEs that is quicker, cost-effective, and maximises value for stakeholders while minimising disruption to their businesses and preserving jobs.
Previously, the minimum amount of default for initiating corporate insolvency resolution was increased to one crore rupees, and the filing of applications for defaults during a specific period was suspended.
The suspension for filing applications for corporate insolvency resolution process ended on 24th March 2021.
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