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IndiaPosted at: Jun 5 2020 11:01PM


Insolvency and Credit Insolvency Code (IBC) Ordinance gets approval from Prez

New Delhi, June 5 (UNI) The central government on Friday issued an ordinance related to the amendment to the Insolvency and Credit Insolvency Code (IBC).
According to the information given by the Ministry of Law and Justice, the Ordinance, that seeks to provide relief to the company concerned for failing to pay the bank loan due to Coronavirus outbreak, has come into with President Ram Nath Kovind giving his approval to the Ordinance, which was cleared by the Cabinet earlier this week.
With coming into force of this ordinance, no action will be initiated under the IBC Act against the company concerned for failing to pay the bank loan due to Coronavirus outbreak.
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Tags: #Insolvency and Credit Insolvency Code (IBC) Ordinance gets approval from Prez
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