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Coronavirus Fallout: Don’t Suspend IBC, Try This Instead
There is no alternate mechanism available under Indian law to restructure all debts or liabilities of a borrower.
29 Apr 2020, 04:21 PM IST
Recent news reports indicate that the union cabinet has approved an amendment to the Insolvency and Bankruptcy Code, 2016. The amendment seeks to suspend rights of creditors and borrowers for a period of six/twelve months to invoke the IBC.Although the fine print of the amendment is yet to be released by the government, it may not be desirable to suspend rights of a party to invoke the IBC for the reasons discussed below.
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