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New Delhi, Sep 21: Parliament on Monday approved the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 to protect COVID-19-stressed companies from being pushed into insolvency under the Code.
Nirmala Sitharaman
Winding up a discussion on the bill in Lok Sabha, Finance and Corporate Affairs Minister Nirmala Sitharaman said the provisions will not impact insolvency proceedings initiated before March 25, the day the national-wide lock down was imposed by the government to check the spread of coranavirus.
“We have to prevent companies facing distress on account of pandemic from being pushed…
