{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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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Suspension of initiation of corporate insolvency resolution process. \"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\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":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":236288,"position":1},"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":[]},{"id":241177,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/23\/central-govt-extends-the-period-for-suspension-of-initiation-of-corporate-insolvency-resolution-process-by-3-months\/","url_meta":{"origin":236288,"position":2},"title":"Central Govt. extends the period for suspension of initiation of Corporate Insolvency Resolution Process by 3 months","author":"Bhumika Indulia","date":"December 23, 2020","format":false,"excerpt":"S.O. 4638(E)\u2014 In exercise of the powers conferred by Section 10A of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies further period of three months from the 25-12-2020, for the purposes of the said section. Ministry of Corporate Affairs [Notification dt. 22-12-2020]","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\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"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":236288,"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":233578,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/08\/07\/ibbi-amends-insolvency-and-bankruptcy-board-of-india-voluntary-liquidation-process-regulations-2017\/","url_meta":{"origin":236288,"position":4},"title":"IBBI amends Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017","author":"Bhumika Indulia","date":"August 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 on 05-08-2020. The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able\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\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223916,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/07\/ibbi-notifies-insolvency-and-bankruptcy-board-of-india-liquidation-process-amendment-regulations-2020\/","url_meta":{"origin":236288,"position":5},"title":"IBBI notifies &#8212; Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020","author":"Bhumika Indulia","date":"January 7, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 on 6-01-2020. The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not\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\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236288","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=236288"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/236288\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=236288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=236288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=236288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}