The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Where this law is right now
🏛️ Became law (Act)
Plain-language summary (AI-generated) — a quick read so you don't have to open the full PDF. May contain errors; the original document below is authoritative.
What does this law do?
This law temporarily stops companies from being sent into insolvency proceedings for debts that happened after March 25, 2020, to help businesses recover from financial stress caused by the COVID-19 pandemic.
Who it affects
Corporate debtors (companies) affected by the pandemic.
Key provisions
- Suspends initiation of corporate insolvency resolution process for defaults occurring from March 25, 2020, for six months or up to one year.
- Prevents resolution professionals from filing applications under section 66 for defaults covered by the suspension.
- Repeals the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020.
Points worth noting
- This is a second amendment to the Insolvency and Bankruptcy Code, 2016.
- The suspension period starts from March 25, 2020, and can last up to one year.
- The law was introduced as a Bill to replace an Ordinance issued during the pandemic.
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXXI |
| Status | closed (section: bill) |
| Year | 2020 |
| Closing date | — |
| Documents | 2 |
Highlights & Points worth asking
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Documents
The original government PDF is the authoritative source — shown below, or open it full-screen in a new tab.
Bill_passed_both
The-Insolvency-and-Bankruptcy-Code-Second-Amendment-Bill-202-bill_passed_both.pdf
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Bill_introduced
2020-09-15
The-Insolvency-and-Bankruptcy-Code-Second-Amendment-Bill-202-bill_introduced.pdf
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