Parliament on Monday passed the Insolvency and Bankruptcy Code (IBC) Bill providing reliefs to companies facing insolvency due to the lockdown. Rajya Sabha had already passed the Bill. Finance Minister told Lok Sabha while replying to the debate on IBC (Second Amendment Bill) that the Government passed Ordinance to protect the companies facing insolvency cases due to the Lockdown. “Many countries changed rules due to the Lockdown to protect the companies who were facing insolvency cases and recovery cases .
These amendments were mainly to stop the recoveries and extension of time limit due to Lockdown,” she said, explaining why Government brought Ordinance and needed to accommodate the amendments.
