Home Banking Rajya Sabha passes the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020

Rajya Sabha passes the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020

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(G.N.S) Dt. 19 New Delhi Rajya Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 amid the coronavirus pandemic. Replying to a debate on the Bill in the House, Finance Minister Nirmala Sitharaman said the intention of the IBC is to keep companies a “going concern” and not liquidate them.

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