1. Suspension of Enabling Provisions of the Insolvency and Bankruptcy Code, 2016 The Ministry of Corporate Affairs, Government of India had proposed a relief package across the industries due to the impact of the COVID-19 pandemic, the consequent lockdowns and their aftermath on economic activities. One of such measures was to suspend certain provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to protect the small and medium scale industries from a financial breakdown ultimately leading to their liquidation on account of the pandemic. Accordingly, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020[1] (“Insolvency Ordinance”) was promulgated on June 05, 2020 and Section 10A was incorporated in the IBC. Section 10A suspended sections 7, 9 and 10 of the IBC preventing financial creditors, operational creditors, and corporate debtors, respectively, from filing an application for initiation of corporate insolvency resolution process (“CIRP”) for a period of 6 (six) months or such other later date as may be notified. The retrospective nature of the amendment was challenged in Ramesh Kymal vs. Siemens Gamesa Renewable Power Private Limited, however, the National Company Law Appellate Tribunal upheld the validity of the amendment.[2] Tatva Legal, Hyderabad has an experienced team of corporate lawyers who, amongst other services, advise on a wide range of issues in relation to general corporate advisory and insolvency and bankruptcy including CIRP proceedings. https://tlegal.com/blog-details/doors-available-to-creditors-when-insolvency- Read resolution-process-is-out-of-the-window More: