Govt extends suspension of fresh insolvency proceedings for three months

The government has extended the suspension of fresh insolvency proceedings under the insolvency law for another three months, a senior official said on Thursday. The six-month period was to end on Thursday. The official told PTI that the period has been extended by three months..

The government has extended the suspension of fresh insolvency proceedings under the insolvency law for another three months, a senior official said on Thursday. In the wake of the coronavirus pandemic, the corporate affairs ministry decided to suspend initiation of fresh proceedings under the Insolvency and Bankruptcy Code (IBC) for six months starting from March 25.

The nationwide lockdown came into force on March 25. The six-month period was to end on Thursday.

The official told PTI that the period has been extended by three months..