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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 i

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File photograph of “Stop” sign that stands at the incomplete end section of new rail line. (Photographer: Riccardo Gangale/Bloomberg)
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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