Big Story | Government extends IBC suspension by 3 months

The suspension of fresh insolvency proceedings for COVID-19 related defaults has been extended by the government for three months starting September 25, 2020.

Earlier this year, the government had suspended fresh bankruptcy filings under the Insolvency and Bankruptcy Code (IBC) for a period of six months starting March 25, 2020, corresponding with the announcement of the nationwide lockdown.

While this comes as a breather for companies and businesses whose finances have been dealt a sudden blow by the pandemic and its economic fallout, the banking industry is likely to feel the pinch. What is the insolvency board's reaction to this? Let us find out in this edition of Big Story.

Watch the video for more.