Notification under section 4 of the Insolvency and Bankrutpcy Code, 2016 for Chapter III-A

Last updated: 12 April 2021

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The Ministry of Corporate Affairs has announced a new minimum default amount for pre-packaged insolvency resolution processes. As of April 9th, 2021, the specified minimum default amount for corporate debtors under Chapter III-A of the Insolvency and Bankruptcy Code, 2016, is ten lakh rupees. This update is in accordance with amendments made by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 9th April, 2021

S.O. 1543(E). - In exercise of the powers conferred by the second proviso to section 4 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 (3 of 2021), the Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code.

[F. No. 30/20/2020-Insolvency]

GYANESHWAR KUMAR SINGH, Jt. Secy.

FAQ :

The new minimum default amount for pre-packaged insolvency resolution processes for corporate debtors under Chapter III-A of the Insolvency and Bankruptcy Code, 2016, is ten lakh rupees.

This notification was issued on the 9th of April, 2021.

This notification relates to Chapter III-A of the Insolvency and Bankruptcy Code, 2016, which deals with pre-packaged insolvency resolution processes.

This change was made in exercise of powers conferred by the second proviso to section 4 of the Insolvency and Bankruptcy Code, 2016, as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021.

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Notification No : F. No. 30/20/2020-Insolvency
Published in Corporate Law
Source : https://www.ibbi.gov.in/uploads/legalframwork/e9b1c4b3489e51213db701b27222b474.pdf

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