Introduction
India has been facing a serious economic slowdown and COVID-19
has thrown up a multitude of further challenges for businesses. A
lockdown was imposed across the country from 25 March 2020 onwards
to prevent the virus from spreading. On 1 May, the Chairperson,
National Executive Committee, National Disaster Management
Authority (Chairperson, NEC) issued an order
(Extension Order) under the Disaster Management
Act, 2005 (DMA) directing extension of the
lockdown till 17 May. The Extension Order proposes relaxations
which may permit some businesses to commence operations: SEZ/EOU
units, manufacturing, on-site construction and private offices up
to 33% strength have been permitted even in red zones which are
hotspots1. That said, a complete shutdown over the past
month has had a crippling effect on businesses, many of which have
no option but to cut costs and mitigate any further impact. The
government has provided some relief in terms of loan
