{"id":59461,"date":"2020-04-25T17:37:35","date_gmt":"2020-04-25T12:07:35","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=59461"},"modified":"2020-04-25T17:37:35","modified_gmt":"2020-04-25T12:07:35","slug":"covid-19-government-to-suspend-insolvency-proceedings-for-six-months","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months","title":{"rendered":"COVID-19: Government to suspend insolvency proceedings for six months."},"content":{"rendered":"
\n

\"\"<\/a>To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has given its nod to the proposal to introduce a new clause — 10A, under section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, government sources told CNBC-TV18.<\/p>\n

The announcement, however, has been held back as Narendra Modi government aims to unveil it along with other relief measures, source close to the development said.<\/p>\n

\u201cThe proposal which has been approved is to move the amendments via promulgation of an ordinance, and the ordinance is now expected to get President’s nod soon, before government makes a formal announcement to notify the amendments,\u201d government sources added.<\/p>\n

The government has decided to provide this relief to companies from being dragged into insolvency proceedings for the next six months.<\/p>\n

The new clause — Section 10A is to suspend Sections 7, 9 and 10 for six months or until further orders, with a rider that the amendment clause cannot be extended to more than a year, as a onetime measure, sources quoted above said.<\/p>\n

\u201cAmendment is proposed to give a six month window. Lenders\/creditors during these six months, under the current impact due to COVID-19, cannot drag a fresh case of default for bankruptcy. The move will be announced formally later with the comprehensive economic package,\u201d a government official said.<\/p>\n

Union finance minister Nirmala Sitharaman on March 24 had said if the current situation continues beyond April 30, the government may consider suspending Section 7, 9 and 10 of the IBC, 2016 for a period of six months so as to stop companies at large from being forced into insolvency proceedings at the time of crisis.<\/p>\n

While Section 7 deals with financial creditors initiating insolvency action, Section 9 deals with operational creditors initiating action. Section 10 allows a defaulting company to approach the National Company Law Tribunal (NCLT) to declare it insolvent.<\/p>\n

It is to be noted that the old proceedings will continue.<\/p>\n

Hailing the move, experts say that it shall bring in more stability to the business community in the country.<\/p>\n

\u201cThis is a pragmatic move in line with finance minister\u2019s remarks in late March when the first economic package was announced. At a time when the focus of the government is to revive economic activity post a future lifting of the lockdown, suspension of IBC for 6 months removes an element of risk for a company while it is trying to secure necessary financing, renegotiating loans, and attempting to secure other reliefs from banks. (Example: Not becoming an NPA or triggering an event of default),\u201d said Uday Bhansali, President, Financial Advisory at Deloitte.<\/p>\n

However, is this enough! Well experts say more steps are needed to speed up the IBC process in the country.<\/p>\n

Anoop Rawat, Partner, Insolvency and Bankruptcy, Shardul Amarchand Mangaldas & Co. feels that “the suspension for six months is a step in the right direction in the current situation, however, it is necessary to create an enabling framework for swift resolution of debt outside the IBC framework. The current framework of RBI does not have enough force to bind all creditors. It would be important to introduce law which makes debt resolution through (specified) majority decision binding on all creditors with adequate safeguards for the impaired classes of creditors.”<\/p>\n

“While an insolvency petition from creditors should be suspended in these situations, however, a voluntary reference to insolvency should be allowed. This is justifiable on the analogy that all debt resolution outside the IBC would be with the concurrence of the existing management and therefore if the existing management is of the view that resolution under insolvency law is the best solution then no further time should be spent on any other efforts for debt resolution sine delays would lead to deterioration in value,” Rawat added.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has given its nod to the proposal to introduce a new clause — 10A, under section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, government sources told CNBC-TV18. The announcement, however, […]<\/p>\n","protected":false},"author":1,"featured_media":59463,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[46816,46817,46813,46815,46818,46814],"class_list":["post-59461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-ibc","tag-ibc-2016","tag-insolvency-and-bankruptcy","tag-insolvency-and-bankruptcy-code-2016","tag-insolvency-proceedings-as-businesses","tag-shardul-amarchand-mangaldas"],"yoast_head":"\nCOVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"og:description\" content=\"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-25T12:07:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"275\" \/>\n\t<meta property=\"og:image:height\" content=\"183\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\"},\"author\":{\"name\":\"Legal India Admin\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\"},\"headline\":\"COVID-19: Government to suspend insolvency proceedings for six months.\",\"datePublished\":\"2020-04-25T12:07:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\"},\"wordCount\":636,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/04\\\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1\",\"keywords\":[\"IBC\",\"IBC 2016\",\"Insolvency and Bankruptcy\",\"Insolvency and Bankruptcy Code 2016\",\"insolvency proceedings as businesses\",\"Shardul Amarchand Mangaldas\"],\"articleSection\":[\"Top Law News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\",\"name\":\"COVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/04\\\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1\",\"datePublished\":\"2020-04-25T12:07:35+00:00\",\"description\":\"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/04\\\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/04\\\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1\",\"width\":275,\"height\":183},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Top Law News\",\"item\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/category\\\/top-law-news\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"COVID-19: Government to suspend insolvency proceedings for six months.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"name\":\"Legal News India - Supreme Court & High Court Updates\",\"description\":\"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\",\"name\":\"Legal News India: Supreme Court, High Courts & Govt Updates\",\"alternateName\":\"Legal News India for Advocates, Lawyers & Law Students\",\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/05\\\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"Legal News India: Supreme Court, High Courts & Govt Updates\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalindiaCom\\\/\",\"https:\\\/\\\/x.com\\\/Legal_india\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/0bfdffe9059fb8bb24a86d094609c5ea\",\"name\":\"Legal India Admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g\",\"caption\":\"Legal India Admin\"},\"sameAs\":[\"https:\\\/\\\/www.legalindia.com\",\"https:\\\/\\\/x.com\\\/legaliadmin\"],\"url\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/author\\\/legal-india-admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"COVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates","description":"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months","og_locale":"en_US","og_type":"article","og_title":"COVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates","og_description":"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","og_url":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months","og_site_name":"Legal News India - Supreme Court & High Court Updates","article_publisher":"https:\/\/www.facebook.com\/LegalindiaCom\/","article_published_time":"2020-04-25T12:07:35+00:00","og_image":[{"width":275,"height":183,"url":"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg","type":"image\/jpeg"}],"author":"Legal India Admin","twitter_misc":{"Written by":"Legal India Admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#article","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months"},"author":{"name":"Legal India Admin","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea"},"headline":"COVID-19: Government to suspend insolvency proceedings for six months.","datePublished":"2020-04-25T12:07:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months"},"wordCount":636,"commentCount":0,"publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1","keywords":["IBC","IBC 2016","Insolvency and Bankruptcy","Insolvency and Bankruptcy Code 2016","insolvency proceedings as businesses","Shardul Amarchand Mangaldas"],"articleSection":["Top Law News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months","url":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months","name":"COVID-19: Government to suspend insolvency proceedings for six months. - Legal News India - Supreme Court & High Court Updates","isPartOf":{"@id":"https:\/\/www.legalindia.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1","datePublished":"2020-04-25T12:07:35+00:00","description":"To\u00a0 avoid companies at large from being forced into insolvency proceedings as businesses get impacted due to COVID-19, the union cabinet on Wednesday has - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","breadcrumb":{"@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#primaryimage","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1","width":275,"height":183},{"@type":"BreadcrumbList","@id":"https:\/\/www.legalindia.com\/news\/covid-19-government-to-suspend-insolvency-proceedings-for-six-months#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.legalindia.com\/news\/"},{"@type":"ListItem","position":2,"name":"Top Law News","item":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},{"@type":"ListItem","position":3,"name":"COVID-19: Government to suspend insolvency proceedings for six months."}]},{"@type":"WebSite","@id":"https:\/\/www.legalindia.com\/news\/#website","url":"https:\/\/www.legalindia.com\/news\/","name":"Legal News India - Supreme Court & High Court Updates","description":"Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.","publisher":{"@id":"https:\/\/www.legalindia.com\/news\/#organization"},"alternateName":"Legal News India for Advocates, Lawyers & Law Students","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.legalindia.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.legalindia.com\/news\/#organization","name":"Legal News India: Supreme Court, High Courts & Govt Updates","alternateName":"Legal News India for Advocates, Lawyers & Law Students","url":"https:\/\/www.legalindia.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/05\/538552_367793346590451_81997783_n.jpg?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"Legal News India: Supreme Court, High Courts & Govt Updates"},"image":{"@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalindiaCom\/","https:\/\/x.com\/Legal_india"]},{"@type":"Person","@id":"https:\/\/www.legalindia.com\/news\/#\/schema\/person\/0bfdffe9059fb8bb24a86d094609c5ea","name":"Legal India Admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4faa9d728ed1af3b73d52225c7f12901ac726fe6f7ea0a3348a1d51f3a930987?s=96&d=mm&r=g","caption":"Legal India Admin"},"sameAs":["https:\/\/www.legalindia.com","https:\/\/x.com\/legaliadmin"],"url":"https:\/\/www.legalindia.com\/news\/author\/legal-india-admin"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2020\/04\/suspend-insolvency-proceedings.jpg?fit=275%2C183&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":60045,"url":"https:\/\/www.legalindia.com\/news\/plea-against-insolvency-code-ordinance-delhi-high-court-seeks-centre-stand","url_meta":{"origin":59461,"position":0},"title":"Plea against Insolvency code ordinance : Delhi High Court seeks Centre stand","author":"Legal India Admin","date":"July 28, 2020","format":false,"excerpt":"The Delhi High Court Tuesday sought the Centre's reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance which suspended proceedings against defaults arising on or after March 25 for six months in view of the COVID-19 pandemic. A bench of Chief Justice D N Patel and Justice\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":55264,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-upholds-constitutional-validity-of-insolvency-and-bankruptcy-code","url_meta":{"origin":59461,"position":1},"title":"Supreme Court upholds constitutional validity of Insolvency and Bankruptcy Code","author":"Legal India Admin","date":"January 26, 2019","format":false,"excerpt":"The Supreme Court on Friday upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC). A bench headed by Justice R F Nariman said they have upheld the constitutional validity \"in its entirety\". The court, however, said that related parties in the act should mean a person connected with\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/01\/sc-1-300x143.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":60718,"url":"https:\/\/www.legalindia.com\/news\/cyril-amarchand-mangaldas-advises-on-corporate-insolvency-resolution-process-of-dewan-housing-finance-corporation","url_meta":{"origin":59461,"position":2},"title":"Cyril Amarchand Mangaldas Advises on Corporate Insolvency Resolution Process of Dewan Housing Finance Corporation","author":"Legal India Admin","date":"June 24, 2021","format":false,"excerpt":"IndiaCyril Amarchand Mangaldas (Firm) acted as the legal counsel to Committee of Creditors (CoC) of Dewan Housing Finance Corporation Limited (DHFL) on DHFL\u2019s corporate insolvency resolution process. The CoC of DHFL comprises of banks, financial institutions, and authorised representatives acting on behalf of a large number of debenture holders (both\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59697,"url":"https:\/\/www.legalindia.com\/news\/6-of-total-and-14-of-closed-cases-find-resolution-under-ibc-so-far","url_meta":{"origin":59461,"position":3},"title":"6% of total and 14% of closed cases find resolution under IBC so far","author":"Legal India Admin","date":"May 23, 2020","format":false,"excerpt":"Less than six percent of the total cases filed under India's four-year-old bankruptcy code have found resolution till the end of March 2020, the latest data from the Insolvency and Bankruptcy Board of India (IBBI) shows. A total of 3,774 cases or corporate insolvency resolution processes (CIRPs) have been filed\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2018\/10\/Image-of-Insolvency-and-Bankruptcy-Code-2016.png?fit=305%2C458&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":49058,"url":"https:\/\/www.legalindia.com\/news\/gujarat-hc-raps-rbi-giving-directions-nclt","url_meta":{"origin":59461,"position":4},"title":"Gujarat HC raps RBI for giving directions to NCLT","author":"Legal India Admin","date":"July 18, 2017","format":false,"excerpt":"The Gujarat High Court today rebuked the Reserve Bank of India for asking the National Company Law Tribunal in its June 13 directive to give priority to the insolvency proceedings against companies with huge debts. It also questioned the functioning of the central bank. The bench of Justice S G\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Gujarat HC raps RBI for giving directions to NCLT","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/gujrat-hc.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":56850,"url":"https:\/\/www.legalindia.com\/news\/supreme-court-orders-status-quo-in-essar-insolvency-case","url_meta":{"origin":59461,"position":5},"title":"Supreme Court orders status quo in Essar insolvency case","author":"Legal India Admin","date":"July 22, 2019","format":false,"excerpt":"The Supreme Court Monday ordered status quo as of today in the Essar insolvency case. A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7. The bench was hearing a plea of the Committee of Creditors\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/05\/download-6.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-ft3","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/59461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=59461"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/59461\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/59463"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=59461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=59461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=59461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}