The Insolvency and Bankruptcy Code, 2016
Part-II Insolvency Resolution and Liquidation for Corporate Persons
Chapter-II Corporate Insolvency Resolution Process
Section 10A: Suspension of initiation of corporate insolvency resolution process.
1[10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of six months or such further period, not exceeding one year from such date, as may be notified2 in this behalf:
Provided that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period.
Explanation. – For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 2020.]
Reference
1. Ins. by the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, w.e.f. 05.06.2020.
2. Further extended for 3 months from 25.09.2020 vide Notification No. S.O. 3265(E) dated 24.09.2020 issued by MCA. Further extended for 3 months from 25.12.2020 vide Notification No. S.O. 4638(E) dated 22.12.2020 issued by MCA.
Judicial Pronouncements:
J1. For interpretation of Section 10A, refer Ramesh Kymal v. Siemens Gamesa Renewable Power Pvt. Ltd. (2021) ibclaw.in 08 SC.
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