{"id":236288,"date":"2020-09-25T12:47:50","date_gmt":"2020-09-25T07:17:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=236288"},"modified":"2021-07-30T09:39:31","modified_gmt":"2021-07-30T04:09:31","slug":"presidential-assent-insolvency-and-bankruptcy-code-second-amendment-act-2020-temporary-suspension-of-initiation-of-corporate-insolvency-resolution-process","status":"publish","type":"post","link":"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\/","title":{"rendered":"Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #800000;\">The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020.<\/span><\/p>\n<h4 style=\"text-align: center;\"><span style=\"color: #000080;\">Insolvency and Bankruptcy Code (Second Amendment) Act, 2020<\/span><\/h4>\n<h3 style=\"text-align: justify;\"><strong>Key Features:<\/strong><\/h3>\n<blockquote>\n<p style=\"text-align: center;\"><span style=\"color: #800080;\">Suspension of Initiation of Corporate Insolvency Resolution Process<\/span><\/p>\n<\/blockquote>\n<p style=\"text-align: justify;\">In light of the extraordinary situation caused by the COVID-19 pandemic, a need was felt to temporarily suspend the initiation of the corporate insolvency resolution process under the Code, initially for a period of 6 months not exceeding one year from 25th March, 2020 to provide relief to the companies in order to recover from the financial stress.<\/p>\n<blockquote>\n<p style=\"text-align: justify;\"><span style=\"color: #800080;\">Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 was promulgated by the president on 05-06-2020 as the Parliament was not in session at that time.<\/span><\/p>\n<\/blockquote>\n<div class=\"page\" title=\"Page 3\">\n<div class=\"layoutArea\">\n<div class=\"column\" style=\"text-align: justify;\">\n<blockquote>\n<p style=\"text-align: center;\"><span style=\"color: #800080;\">New Section 10 A replacing Sections 7, 9 and 10 [Temporary Suspension]<\/span><\/p>\n<\/blockquote>\n<p>(a) To insert a new Section 10A in the Code to provide for temporary suspension of Sections 7, 9 and 10 in respect of any default arising on or after 25-03-2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified in this behalf; and<\/p>\n<p><strong><span style=\"color: #ff0000;\">EXPLAINER: <\/span><\/strong>Temporary suspension of initiation of the corporate insolvency resolution process<\/p>\n<p style=\"text-align: center;\"><span style=\"color: #800080;\">Amendment of Section 66<\/span><\/p>\n<p>(b) to insert a new sub-section (3), in Section 66 of the Code to provide that no application shall be filed by a resolution professional under sub-section (2), in respect of such default against which initiation of the corporate insolvency resolution process is suspended as per Section 10A.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>EXPLAINER:<\/strong><\/span> Resolution Professional from filing such an application in relation to the defaults for which initiation of CIRP has been prohibited.<\/p>\n<\/div>\n<p style=\"text-align: center;\"><span style=\"color: #0000ff;\">Please read the Amended Act here: <a style=\"color: #0000ff;\" href=\"http:\/\/egazette.nic.in\/WriteReadData\/2020\/221917.pdf\">ACT<\/a><\/span><\/p>\n<hr \/>\n<p style=\"text-align: justify;\">Ministry of Law and Justice<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020. Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 <\/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":[22814,30361,43571,29785,41976,34025],"class_list":["post-236288","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-statutes","tag-corporate-insolvency-resolution-process","tag-ibc","tag-insolvency-and-bankruptcy-code-second-amendment-act-2020","tag-law","tag-legislation","tag-resolution-professional"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process | 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\/09\/25\/presidential-assent-insolvency-and-bankruptcy-code-second-amendment-act-2020-temporary-suspension-of-initiation-of-corporate-insolvency-resolution-process\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Presidential Assent | Insolvency and Bankruptcy Code (Second Amendment) Act, 2020; Temporary Suspension of Initiation of Corporate Insolvency Resolution Process\" \/>\n<meta property=\"og:description\" content=\"The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 received Presidential assent on 23-09-2020. 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