Finance Minister Nirmala Sitharaman on Tuesday introduced the Insolvency and Bankruptcy Code (Second Amendment) Bill 2020 in Rajya Sabha.
This bill will replace the ordinance which was promulgated on June 5 this year to prohibit the initiation of insolvency proceedings arising during the six months from March 25, 2020. The Ordinance came as a response to the Covid-19 pandemic, which had created uncertainty and stress for businesses for reasons beyond their control.