IBC updates
Enhancement of ease of doing business through IBC related measures.
1. threshold to initiate insolvency proceedings raised to rupees 1 crore
2. special insolvency resolution Framework for MSME under section 240 A of the code to be notified soon
3. suspension of fresh initiation of insolvency proceedings up to 1 year depending upon the pandemic situation.
4. empowering central government to exclude covid-19 related debt from the definition of "default" under the code for the purpose of triggering insolvency proceedings.
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