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New Delhi, Sep 19: The Rajya Sabha on Saturday 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.
Monsoon Session Day 6: Finance Minister seeks the House’s cooperation to pass the IBC Bill
The Bill mandates that a default on repayments from March 25, the day when…
