Centre Likely to Suspend Sections 7, 9 and 10 of Insolvency & Bankruptcy Code

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Centre Likely to Suspend Sections 7, 9 and 10 of Insolvency & Bankruptcy Code

G Plus News | March 24, 2020 15:33 hrs

GUWAHATI: The central government would consider suspending Sections 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) at a later stage if the current situation continues beyond six months. This was announced by Finance Minister, Nirmala Sitharaman in a press briefing today.

The Section 7 of the RBI Act empowers the government to give directions to the central bank on matters of public interest. The RBI Act empowers the government to give directions to the central bank on matte
rs of public interest.

Section 9- Application for initiation of corporate insolvency resolution process by operational creditor. 

Section 10- Initiation of corporate insolvency resolution process by corporate applicant.

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