{"id":230552,"date":"2020-06-05T20:54:34","date_gmt":"2020-06-05T15:24:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=230552"},"modified":"2020-06-05T20:58:59","modified_gmt":"2020-06-05T15:28:59","slug":"president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2020","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2020\/","title":{"rendered":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020"},"content":{"rendered":"<blockquote>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\"><strong>President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020<\/strong><\/span><\/p>\n<\/blockquote>\n<p><span style=\"color: #008000;\"><strong>Insertion of new Section 10 A\u00a0<\/strong><\/span>after Section 10.<\/p>\n<p><em>Suspension of initiation of corporate insolvency resolution process.<\/em><\/p>\n<p>&#8220;Notwithstanding anything\u00a0 contained in Sections 7, 9 and 10, no application for initiation of corporate insolvency process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of 6 months or such further period, not exceeding 1 year from such date, as may be notified in this behalf:<\/p>\n<p>Provided that no application shall ever be filed for initiation for corporate insolvency resolution process of a corporate debtor for the said default occurring during the period.<\/p>\n<p>Provisions of this Section shall not apply to any default committed under the said section before 25th March.<\/p>\n<p><strong><span style=\"color: #008000;\">Amendment of Section 66<\/span><\/strong><\/p>\n<p>In Section 66, after sub-section (2) following sub-section shall be inserted:<\/p>\n<p>&#8220;(3) Notwithstanding anything contained in this section, no application shall be filed by a resolution professional under sub-section (2) in respect of such default against which initiation of corporate insolvency resolution process is suspended for Section 10 A&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/219746.pdf\">ORDINANCE<\/a><\/p>\n<hr \/>\n<p><strong>Ministry of Law and Justice<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Notification dt. 05-06-2020]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 Insertion of new Section 10 A\u00a0after Section 10. Suspension of initiation of corporate <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,13],"tags":[22814,41787,13531],"class_list":["post-230552","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-corporate-insolvency-resolution-process","tag-insolvency-and-bankruptcy-code-amendment-ordinance-2020","tag-president"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2020\/06\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020\" \/>\n<meta property=\"og:description\" content=\"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 Insertion of new Section 10 A\u00a0after Section 10. 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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was introduced in the House of People on 12-12-2019 though it could not be taken up for consideration. At present, though the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":246487,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/05\/president-promulgates-insolvency-and-bankruptcy-code-amendment-ordinance-2021\/","url_meta":{"origin":230552,"position":1},"title":"President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021","author":"Bhumika Indulia","date":"April 5, 2021","format":false,"excerpt":"On April 04, 2021, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 has been promulgated by the President in order to amend the Insolvency and Bankruptcy Code, 2016. Key amendments discussed below: Proviso has been inserted in Section 4 relating to Application of Part II: \u201cProvided further that the Central\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/MicrosoftTeams-image-50.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":236288,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/25\/presidential-assent-insolvency-and-bankruptcy-code-second-amendment-act-2020-temporary-suspension-of-initiation-of-corporate-insolvency-resolution-process\/","url_meta":{"origin":230552,"position":2},"title":"Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process","author":"Bhumika Indulia","date":"September 25, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020. Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 Key Features: Suspension of Initiation of Corporate Insolvency Resolution Process In light of the extraordinary situation caused by the COVID-19 pandemic, a need was felt to temporarily suspend\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":226804,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/09\/insolvency-and-bankruptcy-code-amendment-bill-2020-passed-by-lok-sabha-protection-to-corporate-debtor-from-past-offences-as-well-as-ones-committed-during-insolvency-process\/","url_meta":{"origin":230552,"position":3},"title":"Insolvency and Bankruptcy Code (Amendment) Bill, 2020 passed by &#8212; Lok Sabha | Protection to Corporate Debtor from past offences as well as one&#8217;s committed during insolvency process","author":"Bhumika Indulia","date":"March 9, 2020","format":false,"excerpt":"Lok Sabha passes the Insolvency and Bankruptcy Code (Amendment) Bill, 2020 on 06-03-2020. Series of amendments have been laid down in the said Bill. One of the significant insertions that have been brought in the Bill is Insertion of new Section 32 A After Section 32 of the principal Act,\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/PARLIAMENT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223553,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/24\/cabinet-approves-promulgation-of-the-insolvency-and-bankruptcy-code-amendment-ordinance-2019\/","url_meta":{"origin":230552,"position":4},"title":"Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019","author":"Bhumika Indulia","date":"December 24, 2019","format":false,"excerpt":"The Union Cabinet approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of the Code. Under the Amendments, the liability of a corporate debtor for an offence\u2026","rel":"","context":"In &quot;Cabinet Decisions&quot;","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/CABINET-SECRETARIAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":227031,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/14\/parliament-receives-presidents-assent-for-insolvency-and-bankruptcy-code-amendment-act-2020\/","url_meta":{"origin":230552,"position":5},"title":"Parliament receives President&#8217;s assent for &#8212; Insolvency and Bankruptcy Code (Amendment) Act, 2020","author":"Bhumika Indulia","date":"March 14, 2020","format":false,"excerpt":"Parliament received President's assent for -- Insolvency and Bankruptcy Code (Amendment) Act, 2020 on 13-03-2020. An Act further to amend the Insolvency and Bankruptcy Code, 2016. This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. 2. In Section 5 of the Insolvency and Bankruptcy Code, 2016\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/230552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=230552"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/230552\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=230552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=230552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=230552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}