New Delhi, September 24: 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. Parliament Monsoon Session: Rajya Sabha Passes Amendment in Insolvency and Bankruptcy Code Bill 2020.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)