Parl approves changes in IBC to protect COVID-stressed cos from insolvency

NEW DELHI: Parliament on Monday approved the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 in view of the coronavirus pandemic.

Replying to a debate on the bill in the Lok Sabha, Finance Minister Nirmala Sitharaman said the amendments would provide relief to companies reeling under the impact of the coronavirus pandemic.

The bill seeking to replace the Ordinance was later approved by the Lok Sabha. The Rajya Sabha has already approved in the bill on Saturday. (AGENCIES)