{"id":7041062,"date":"2026-08-18T05:40:06","date_gmt":"2026-08-18T05:40:06","guid":{"rendered":"https:\/\/peraltafinancing.com\/uncategorized\/modi-fied-stimuli-and-regulatory-responses\/"},"modified":"2026-08-18T05:40:06","modified_gmt":"2026-08-18T05:40:06","slug":"modi-fied-stimuli-and-regulatory-responses","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7041062","title":{"rendered":"MODI-FIED STIMULI AND REGULATORY RESPONSES"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<head>\n<link href=\"https:\/\/www.blogger.com\/static\/v1\/widgets\/2872013778-css_bundle_v2.css\" rel=\"stylesheet\" type=\"text\/css\"\/>\n<meta content=\"width=1100\" name=\"viewport\"\/><br \/>\n<meta content=\"text\/html; charset=UTF-8\" http-equiv=\"Content-Type\"\/><br \/>\n<meta content=\"blogger\" name=\"generator\"\/>\n<link href=\"https:\/\/clearlaw4all.blogspot.com\/favicon.ico\" rel=\"icon\" type=\"image\/x-icon\"\/>\n<link href=\"https:\/\/clearlaw4all.blogspot.com\/2020\/06\/covid-19-modi-fied-stimuli-and_13.html\" rel=\"canonical\"\/>\n<link rel=\"alternate\" type=\"application\/atom+xml\" title=\"CLEARLAW4ALL - Atom\" href=\"https:\/\/clearlaw4all.blogspot.com\/feeds\/posts\/default\"\/>\n<link rel=\"alternate\" type=\"application\/rss+xml\" title=\"CLEARLAW4ALL - RSS\" href=\"https:\/\/clearlaw4all.blogspot.com\/feeds\/posts\/default?alt=rss\"\/>\n<link rel=\"service.post\" type=\"application\/atom+xml\" title=\"CLEARLAW4ALL - Atom\" href=\"https:\/\/www.blogger.com\/feeds\/1259319595464385843\/posts\/default\"\/>\n<link rel=\"alternate\" type=\"application\/atom+xml\" title=\"CLEARLAW4ALL - Atom\" href=\"https:\/\/clearlaw4all.blogspot.com\/feeds\/8098063091711419492\/comments\/default\"\/>\n<!--Can't find substitution for tag [blog.ieCssRetrofitLinks]--><br \/>\n<meta content=\"https:\/\/clearlaw4all.blogspot.com\/2020\/06\/covid-19-modi-fied-stimuli-and_13.html\" property=\"og:url\"\/><br \/>\n<meta content=\"COVID-19: MODI-FIED STIMULI AND REGULATORY RESPONSES\" property=\"og:title\"\/><br \/>\n<meta content=\"Economic Laws and Fiscal Laws Reforms\" property=\"og:description\"\/><br \/>\n<title>CLEARLAW4ALL: COVID-19: MODI-FIED STIMULI AND REGULATORY RESPONSES<\/title><\/p>\n<link href=\"https:\/\/www.blogger.com\/dyn-css\/authorization.css?targetBlogID=1259319595464385843&amp;zx=c4e5c86b-aaad-4f06-9d46-e42d2720f977\" media=\"none\" onload=\"if(media!='all')media='all'\" rel=\"stylesheet\"\/><noscript><link href=\"https:\/\/www.blogger.com\/dyn-css\/authorization.css?targetBlogID=1259319595464385843&amp;zx=c4e5c86b-aaad-4f06-9d46-e42d2720f977\" rel=\"stylesheet\"\/><\/noscript><br \/>\n<meta name=\"google-adsense-platform-account\" content=\"ca-host-pub-1556223355139109\"\/><br \/>\n<meta name=\"google-adsense-platform-domain\" content=\"blogspot.com\"\/><\/p>\n<p><!-- data-ad-client=ca-pub-2442500300274316 --><\/p>\n<p><\/head><br \/>\n<body class=\"loading variant-birds\" id=\"wp_automatic_ReadabilityBody\"><\/p>\n<div class=\"content\">\n<div class=\"content-outer\">\n<div class=\"fauxborder-left content-fauxborder-left\">\n<div class=\"content-inner\">\n<header>\n<\/header>\n<div class=\"main-outer\">\n<div class=\"fauxborder-left main-fauxborder-left\">\n<div class=\"region-inner main-inner\">\n<div class=\"columns fauxcolumns\">\n<p><!-- corrects IE6 width calculation --><\/p>\n<div class=\"columns-inner\">\n<div class=\"column-center-outer\">\n<div class=\"column-center-inner\">\n<div class=\"main section\" id=\"main\" name=\"Main\">\n<div class=\"widget Blog\" data-version=\"1\" id=\"Blog1\">\n<div class=\"blog-posts hfeed\">\n<div class=\"date-outer\">\n<div class=\"date-posts\">\n<div class=\"post-outer\">\n<div class=\"post hentry uncustomized-post-template\" itemprop=\"blogPost\" itemscope=\"itemscope\" itemtype=\"http:\/\/schema.org\/BlogPosting\">\n<meta content=\"1259319595464385843\" itemprop=\"blogId\"\/><br \/>\n<meta content=\"8098063091711419492\" itemprop=\"postId\"\/><br \/>\n<a name=\"8098063091711419492\"\/><\/p>\n<h3 class=\"post-title entry-title\" itemprop=\"name\">\nCOVID-19: MODI-FIED STIMULI AND REGULATORY RESPONSES<br \/>\n<\/h3>\n<div class=\"post-body entry-content\" id=\"post-body-8098063091711419492\" itemprop=\"description articleBody\">\n<div dir=\"ltr\" style=\"text-align: left;\" trbidi=\"on\">\n<\/p>\n<div align=\"center\" class=\"MsoNormal\" style=\"line-height: 150%; text-align: center;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Part-III:<br \/>\nCovid-19 &amp; Modi 2.0\u2019s Relaxing the Rigours of the Insolvency and Bankruptcy<br \/>\nCode<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Modi<br \/>\n1.0\u2019s Landmark Enactment of IBC, 2016:<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">One of the most laudable and bold achievements of the<br \/>\nModi 1.0 dispensation was to enact and enforce the Insolvency and Bankruptcy<br \/>\nCode, 2016 (\u201c<b style=\"mso-bidi-font-weight: normal;\">IBC<\/b>\u201d) w.e.f. December<br \/>\n1, 2016. IBC consolidated and amended the laws relating to reorganization and<br \/>\ninsolvency resolution of companies, partnership firms and individuals in a time<br \/>\nbound manner for maximization of value of assets of such persons with an<br \/>\nobjective \u201c<i style=\"mso-bidi-font-style: normal;\">to promote entrepreneurship,<br \/>\navailability of credit and balance the interests of all stakeholders<\/i>\u201d.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>It was touted that IBC was structured on the<br \/>\nlines of the Bankruptcy Act of the United States.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Part II of the IBC relates to insolvency resolution<br \/>\nand liquidation for corporate persons, while Part III thereof does the same for<br \/>\nindividuals and partnership firms and Part IV thereof envisages the regulation<br \/>\nof insolvency professionals, agencies and information utilities.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Against a corporate person who is in default,<br \/>\na financial creditor is entitled to initiate Corporate Insolvency Resolution<br \/>\nProcess (\u201c<b style=\"mso-bidi-font-weight: normal;\">CIRP<\/b>\u201d) by filing making an<br \/>\napplication under section 7 of the IBC with the National Company Law Tribunal (\u201c<b style=\"mso-bidi-font-weight: normal;\">NCLT<\/b>\u201d).<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>An operational creditor can also file similar application under section 8.<br \/>\n<span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>A corporate person can voluntarily file<br \/>\nan application for initiating CIRP against itself under section 10.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The CIRP has to be completed within a period<br \/>\nof 180 days from the date of admission of the application to initiate such<br \/>\nprocess, which period can be extended by the NCLT up to 90 days, upon an application<br \/>\nmade by a resolution professional, in terms of section 12 of the IBC. After admission of the application under section<br \/>\n7 or 9 or 10, the NCLT shall pass an order declaring moratorium and to cause<br \/>\npublic announcement of the initiation of CIRP and call for the submission of<br \/>\nclaims and the appointment of an Interim Resolution Professional (\u201c<b style=\"mso-bidi-font-weight: normal;\">IRP<\/b>\u201d).<span style=\"mso-spacerun: yes;\">\u00a0\u00a0<br \/>\n<\/span>In terms of section 14, the moratorium prohibits- (a) the initiation or<br \/>\ncontinuation of suits or proceedings against the corporate debtor including<br \/>\nexecution of any judgement, decree or order in any court of law, tribunal,<br \/>\narbitration panel or other authority; (b) transferring, encumbering, alienating<br \/>\nor disposing of by the corporate debtor of any of its assets; (c) any action to<br \/>\nforeclose, recover or enforce any security interest created by the corporate<br \/>\ndebtor in respect of its property including under the SARFAESI Act, 2002; (d)<br \/>\nthe recovery of any property by an owner.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>The IRP is entitled to manage the affairs of the corporate debtor under<br \/>\nsection 17 and to carry out the duties enjoined on his under section 18 of the<br \/>\nIBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Per section 21, the IRP is required<br \/>\nto collate all claims received against the corporate debtor and determine its<br \/>\nfinancial position and thereupon constitute a Committee of Creditors (\u201c<b style=\"mso-bidi-font-weight: normal;\">CoC<\/b>\u201d).<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>There is also provision to appoint a Resolution Professional (\u201c<b style=\"mso-bidi-font-weight: normal;\">RP<\/b>\u201d) who can be the same IRP or any<br \/>\nother person as approved by the CoC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The<br \/>\nRP shall conduct the entire CIRP and manage the operations of the corporate debtor<br \/>\nduring the said period in terms of section 23 and discharge the duties cast on<br \/>\nhim under section 25 of the IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The RP<br \/>\nprepares an Information Memorandum (\u201c<b style=\"mso-bidi-font-weight: normal;\">IM<\/b>\u201d)<br \/>\nfor formulating a resolution plan in terms of section 29 and a resolution<br \/>\napplicant may submit a resolution plan on the basis of the IM prepared by the<br \/>\nRP, which will be presented before the CoC for its approval in terms of section<br \/>\n30 of the IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Once the resolution plan<br \/>\napproved by the CoC is filed before the NCLT, it shall approve the resolution<br \/>\nplan under section 31 which becomes binding on the corporate debtor, its<br \/>\nemployees, members, creditors, guarantors and other stakeholders involved in<br \/>\nthe resolution plan.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In case no<br \/>\nresolution plan is received by the NCLT within the stipulated timeframe or if<br \/>\nit rejects the resolution plan for being non-compliant with the provisions of<br \/>\nIBC, then, the NCLT shall pass an order under section 33 to liquidate the<br \/>\ncorporate debtor by issuing a public announcement in which case a liquidator<br \/>\nshall also be appointed to exercise the powers vested on him under section 35 of<br \/>\nthe IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The liquidator consolidates and<br \/>\nverifies the claims against the corporate debtor so as to admit or reject the<br \/>\nclaims and determine the valuation of claims.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>In terms of section 53 of the IBC, the proceeds from the sale of the<br \/>\nliquidation assets of the corporate debtor shall be distributed in the order of<br \/>\npriority mentioned thereunder and upon completely liquidating the assets of the<br \/>\ncorporate debtor, it shall be dissolved by making an application under section<br \/>\n54 before the NCLT.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Voluntary<br \/>\nliquidation by a corporate person is also envisaged under section 59.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Appeals against the orders of the NCLT shall lie<br \/>\nwith the National Company Law Appellate Tribunal (\u201c<b style=\"mso-bidi-font-weight: normal;\">NCLAT<\/b>\u201d) under section 61 and any one aggrieved by the orders of NCLAT<br \/>\nmay file an appeal before the Supreme Court on a question of law arising out of<br \/>\nsuch order in terms of section 62 of IBC.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span><span style=\"mso-spacerun: yes;\">\u00a0<\/span>IBC has ousted the jurisdiction<br \/>\nof civil courts in terms of section 231 and the provisions of the IBC shall<br \/>\noverride other laws in terms of section 238 of the IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>IBC also amended the provisions of the Indian<br \/>\nPartnership Act,1932; the Central Excise Act, 1944; the Income Tax Act, 1961; the<br \/>\nCustoms Act, 1962; the Recovery of Debts due to the Banks and Financial<br \/>\nInstitutions Act, 1993; the Finance Act, 1994, the Securitisation and<br \/>\nReconstruction of Financial Assets and Enforcement of Security Interest Act,<br \/>\n2002, the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, the<br \/>\nPayment and Settlement Systems Act, 2007, the Limited Liability Partnership<br \/>\nAct, 2008 and the Companies Act, 2013 so as to either delete or modify their<br \/>\nprovisions in relation to the matters envisaged under the IBC.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">While upholding the constitutional validity of the IBC<br \/>\nin <i style=\"mso-bidi-font-style: normal;\">Swiss Ribbons Pvt. Ltd. and ors vs.<br \/>\nUnion of India<\/i> (2019)4 SCC 17, the Supreme Court hailed this piece of<br \/>\nlegislation introduced by the Modi 1.0 as it had practically helped in the<br \/>\ntimebound resolution of CIRP and the resultant repayment of financial debts infused<br \/>\ncapital into economy as banks and financial institutions were able to apply the<br \/>\nmoney that had been paid back to them to further on-lend to other entrepreneurs<br \/>\nfor their businesses.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">However, with the outbreak of the Covid-19 global<br \/>\npandemic, the banking industry in our country apprehended that there would not<br \/>\nbe adequate resolution applicants in the <span style=\"mso-spacerun: yes;\">\u00a0<\/span>country and when the corporate debtor is put through<br \/>\na CIRP or liquidation process, the chances of the financial creditors receiving<br \/>\neven a fair value of money through either of the processes would get seriously jeopardized<br \/>\nand therefore appealed to the Government of India to suspend the operations of<br \/>\nsection 7, 9 and 10 of the IBC for a period of two years. <\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<b style=\"mso-bidi-font-weight: normal;\"><u><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Covid-19<br \/>\n&amp; Relaxing the Rigours of IBC:<\/span><\/u><\/b><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">In the wake of the lockdown announced by the Ministry<br \/>\nof Home Affairs, there was a flurry of activities unleashed by the Modi 2.0 to<br \/>\nensure that the MSME sector and the rest of the corporate sector is afforded the<br \/>\nmuch needed relief, support and rehabilitation in the face of loss of revenues,<br \/>\nstagnation of finished goods and deterioration of the work in progress, <i style=\"mso-bidi-font-style: normal;\">en masse<\/i> exodus of migrant labour<br \/>\ndeserting their workplaces, all emanating from the closure of factories,<br \/>\nworkplaces and offices and the clampdown on the entire supply chain and<br \/>\nlogistics and all modes of transportation.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>The Modi 2.0 Government readily came forward to extend <i style=\"mso-bidi-font-style: normal;\">force majeure condition<\/i> to the outbreak<br \/>\nof Covid-19 so as to ensure that contractors do not end up in default in<br \/>\nrelation to all supply contracts with the Government<b style=\"mso-bidi-font-weight: normal;\">(1).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/b>For its part, the<br \/>\nReserve Bank of India (\u201c<b style=\"mso-bidi-font-weight: normal;\">RBI<\/b>\u201d) had<br \/>\ndeclared and extended moratorium on term loans and working capital facilities<br \/>\neffectively for a period of 6 months<b style=\"mso-bidi-font-weight: normal;\">(2)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In order to effectively protect the majority<br \/>\nof the corporate entities falling under the MSME sector from being hauled up<br \/>\nfor defaults before the NCLT, the Modi 2.0 enhanced the pecuniary applicability<br \/>\nof defaults under the IBC from a minimum of Rs.1.00 lakhs to Rs.1.00 crores<b style=\"mso-bidi-font-weight: normal;\">(3)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>This was aimed at preventing the filing of CIRP applications against<br \/>\nMSMEs for alleged defaults of any amount less than One Crores Rupees.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Supreme Court acting <i style=\"mso-bidi-font-style: normal;\">suo motu<\/i> W.P.(C) No.3\/2020 had declared on 23.03.2020 that limitation<br \/>\nperiod for all filing matters before any court, tribunal or appellate<br \/>\nauthorities shall stand extended till the period of lockdown subsists.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>For the purposes of IBC, the entire period of<br \/>\nlockdown was directed to be excluded for any activity that could not be<br \/>\ncompleted due to such lockdown in relation to a CIRP, notwithstanding the<br \/>\ntimelines prescribed under the Regulations<b style=\"mso-bidi-font-weight: normal;\">(4).<\/b><br \/>\n<span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>Akin to the effect granted to the CIRP,<br \/>\nin relation to the liquidation process also the entire period of lockdown in<br \/>\nthe wake of Covid-19 was directed not to be computed for the purposes of<br \/>\ncompletion of tasks that could not be completed due to such lockdown in<br \/>\nrelation to any liquidation process under the IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The NCLAT directed that for all cases in<br \/>\nwhich CIRP has been initiated and\/or is pending before any bench of the NCLT or<br \/>\nin appeal before NCLAT, <span style=\"mso-spacerun: yes;\">\u00a0<\/span>the entire<br \/>\nperiod of lockdown, including their extended periods would stand excluded for<br \/>\nthe purpose of determining the outer-limit of 330 days within which a CIRP is<br \/>\nrequired to be completed as per section 12 of the IBC and that all its earlier interim<br \/>\norders\/stay orders passed by it under IBC will continue until further orders<b style=\"mso-bidi-font-weight: normal;\">(5).<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span><\/b>The NCLT vide its notification dated March 15, 2020 directed that<br \/>\nall its benches will only take up matters which require urgent hearing and all<br \/>\nother matters will be adjourned and on March 22, 2020, it directed the closing<br \/>\nof all benches of NCLT for judicial work until April 14, 2020 which was further<br \/>\nextended up to May 3, 2020 in view of Covid-19.<b style=\"mso-bidi-font-weight: normal;\"><span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/b>The above had the effect of<br \/>\nenlarging the period of limitation for filing and also overcame the period statutorily<br \/>\nprescribed for CIRP and liquidation processes which was further fortified by<br \/>\ndenying the fresh filing or the adjudication of applications before the NCLT<br \/>\nand NCLAT during the lockdown periods which had the cumulative relief of<br \/>\nproviding the much needed reprieve to the corporate persons against any default<br \/>\napplications from being filed against them during the global pandemic.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">In addition the moratorium on term loans and working<br \/>\ncapital facilities earlier unveiled by it, the RBI permitted the extension of<br \/>\ntimeline for resolution of large accounts default by adding additional 90 days<br \/>\nto the earlier available 210 days in relation to the Prudential Framework of<br \/>\nResolution of Stressed Assets dated June 7, 2019 such that the banks, lending<br \/>\ninstitutions and NBFC do not immediately initiate the mechanism under the IBC<b style=\"mso-bidi-font-weight: normal;\">(6) <\/b>and subsequently modified it to the<br \/>\neffect that the lending institutions my exclude the entire moratorium\/deferment<br \/>\nperiod from March 1, 2020 to August 31, 2020 from the calculation of 30-day<br \/>\nReview Period or 180-day Resolution Period in relation to the said Prudential<br \/>\nFramework, if the Review \/Resolution Period had not expired as on March 1, 2020<b style=\"mso-bidi-font-weight: normal;\">(7).<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span><\/b>The effect of the same was to afford a longer period to such<br \/>\nborrowers of large ticket debts from being pursued in terms of the IBC.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">The Modi 2.0 Government signaled its intention to<br \/>\nsuspend the operation of sections 7, 9 and 10 of the IBC (which enables the<br \/>\nfiling of application for CIRP) for a period of 6 months to prevent companies<br \/>\nbeing pushed into CIRP in the event the lockdown were to be extended beyond<br \/>\nApril 30, 2020<b style=\"mso-bidi-font-weight: normal;\">(8).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/b>Recognising that the Covid-19 pandemic has<br \/>\nimpacted business, financial markets and economy all over the world, including<br \/>\nIndia, and created uncertainty and stress for business for reasons beyond their<br \/>\ncontrol and as the lockdown in force since March 24, 2020 has led to disruption<br \/>\nof normal business operations and in such a backdrop it is becoming difficult<br \/>\nto find resolution applicants to rescue the corporate persons who end up in<br \/>\ndefault in discharge of their debt obligations, in view of the unprecedented<br \/>\nsituation, considering it expedient to suspend the operation sections 7, 9 and<br \/>\n10 of the IBC, an Ordinance was passed on June 5, 2020<b style=\"mso-bidi-font-weight: normal;\">(9)<\/b>.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>This Ordinance<br \/>\nintroduced a new Section 10A, as a <i style=\"mso-bidi-font-style: normal;\">non<br \/>\nobstante<\/i> provision to IBC, <i style=\"mso-bidi-font-style: normal;\">inter alia<\/i>,<br \/>\nto the effect that no application for initiation of CIRP under sections 7, 9 or<br \/>\n10 of the IBC shall be filed for any default arising on or after March 25, 2020<br \/>\nfor a period of 6 months or such further period, not exceeding one year from<br \/>\nsuch date as to be notified in that behalf.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>The proviso to the said section clarifies that for any defaults arising<br \/>\nduring this period no applications for initiation of CIRP shall ever be filed,<br \/>\nwhich is intended to dispel the tendency to file such application even after<br \/>\nthe suspension period may be over.<span style=\"mso-spacerun: yes;\">\u00a0<br \/>\n<\/span>However, the explanation appended to this section clarifies that nothing<br \/>\ncontained in the said section will apply to defaults which have been committed<br \/>\nin relation to sections 7, 9 or 10 prior to March 25, 2020.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">Through the said Ordinance, a new subsection (3) was<br \/>\ninserted to section 66 of IBC to provide that notwithstanding anything to the<br \/>\ncontrary contained in the said section, no application shall be filed by<br \/>\nresolution professional in respect of such default against which initiation of<br \/>\nCIRP has been suspended in terms of section 10A of the IBC.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Thus, the effect of the Ordinance appears to<br \/>\nnot only prohibit the filing of any application for initiation of CIRP in<br \/>\nrelation to defaults under section 7, 9 or 10 of IBC, but, also to disentitle<br \/>\nthe filing of any resolution application in respect of such defaults which have<br \/>\nbeen suspended in terms of section 10A.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">It would be evident that the Modi 1.0 had unveiled a laudable<br \/>\npiece of legislation aimed at timebound resolution of insolvency and bankruptcy<br \/>\nin our country and when it was faced with the onslaught of the Covid-19<br \/>\npandemic, the Modi 2.0 did not fight shy to relax the rigours of the provisions<br \/>\nof the IBC by suspending the right to initiate CIRP, regulators like RBI, NCLT<br \/>\nand the NCLAT acted in tandem to further provide relief to the corporate sector<br \/>\nby extending the limitation period and to enlarge the time period for<br \/>\ncompletion of the CIRP and the liquidation processes and the Ordinance also<br \/>\nlaid to rest the lack of the legislative sanction by suspending the right to<br \/>\ninitiate CIRP during the Covid-19 period.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">1.<br \/>\nOffice Memorandum No.F.18\/4\/2020-PPD dated February 19, 2020 of the Ministry of<br \/>\nFinance, Government of India.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">2.<br \/>\nFor more details on this subject, see my earlier post dated June 6, 2020 in<br \/>\nthis blog.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">3.<br \/>\nNotification No.S.O.1205(E) dated 24.03.2020 of the Ministry of Corporate<br \/>\nAffairs, Government of India.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">4.<br \/>\nInsolvency and Bankruptcy Board of India (Insolvency Resolution Process for<br \/>\nCorporate Persons) (Third Amendment) Regulations, 2020 notified on March 29,<br \/>\n2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">(5)<br \/>\nOrder dated March 30, 2020 passed by NCLAT in <i style=\"mso-bidi-font-style: normal;\">Suo Motu<\/i> \u2013 Company Appeal (AT)(Insolvency) No.01\/2020.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%;\">(6)<br \/>\n<\/span><span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">RBI Governor\u2019s Statement,<br \/>\nApril 17, 2020 and RBI reference No.2019-RBI\/2019-20\/220<br \/>\nDOR.No.BP.BC.63\/21.04.048\/2019-20 dated April 17, 2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(7) RBI Press Release No.2019-2020\/2392 dated May 22,<br \/>\n2020.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(8) Press Release dated March 24, 2020 of the<br \/>\nGovernment of India.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\">\n<span lang=\"EN-US\" style=\"font-family: &quot;Bookman Old Style&quot;,serif; font-size: 12.0pt; line-height: 150%; mso-ansi-language: EN-US;\">(9) The Insolvency and Bankruptcy Code (Amendment)<br \/>\nOrdinance, 2020, No.9 of 2020 notified on June 6, 2020.<\/span><\/div>\n<p><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!-- columns -->\n<\/div>\n<p><!-- main -->\n<\/div>\n<\/div>\n<\/div>\n<footer>\n<\/footer>\n<p><!-- content -->\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><!--It is your responsibility to notify your visitors about cookies used and data collected on your blog. 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