The Bill to amend the Insolvency and Bankruptcy Code of 2016 was passed in the Monsoon Session of the Parliament. The Act replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. In light of the COVID-19 pandemic, the Act suspends the initiation of Insolvency Proceedings against corporate debtors for a period of six months, extendable up to one year. In September, the government extended the suspension by three months from September 25, 2020.
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Timestamps:
0:00 Introduction
1:17 Is a complete suspension of insolvency proceedings necessary?
2:18 Should all defaults in the six-month period be treated in the same manner?
2:45 Should the corporate debtor be prohibited from initiating insolvency proceedings?
3:22 Should insolvency proceedings against the specified defaults be prohibited forever?
3:43 What should be the accountability of the debtor’s personal guarantor?
