Notification under section 10A of the Insolvency and Bankruptcy Code, 2016 24th September, 2020

Last updated: 30 September 2020
Quick Summary
The Ministry of Corporate Affairs has extended the moratorium period under Section 10A of the Insolvency and Bankruptcy Code, 2016. This extension grants a further three months, commencing from 25th September 2020. This measure, introduced by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, aims to provide relief to businesses during a challenging economic period.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 24th September, 2020

S.O. 3265(E).—In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) [as inserted by section 2 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 (17 of 2020)], the Central Government hereby notifies further period of three months from the 25th September, 2020 for the purposes of the said section.

[F. No. 30/33/2020-Insolvency]

GYANESHWAR KUMAR SINGH,

Jt. Secy.

FAQ :

This notification extends the period for Section 10A of the Insolvency and Bankruptcy Code, 2016, by a further three months.

The extended period begins from 25th September 2020.

The extension is for a period of three months.

The Ministry of Corporate Affairs issued this notification.

The Insolvency and Bankruptcy Code, 2016 is a law in India that consolidates and amends the laws relating to the reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

Section 10A was inserted by Section 2 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020.

 
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