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ARTICLE · 28 APRIL 2020

"A Rip Roaring Spectacular Journey Of IBC"

King, Stubb & Kasiva
King, Stubb & Kasiva
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King, Stubb & Kasiva

King, Stubb & Kasiva

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In time as tough as today, when the whole world is under the impact of Covid-19 which has forced the country to be under lockdown, the notification dated March 24, 2020, wherein the Ministry of Finance announced.

IndiaInsolvency/Bankruptcy/Re-Structuring
Simran Tandon
Simran Tandon
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Notification Raising the Threshold Limit for Triggering the Insolvency

In time as tough as today, when the whole world is under the impact of Covid-19 which has forced the country to be under lockdown, the notification dated March 24, 2020,1 wherein the Ministry of Finance announced several important relief measures on the statutory and regulatory compliance matters related to several sectors has provided a sigh of relief to everyone. The government by exercising its powers under Section 4 of the Insolvency and Bankruptcy Code, 2016 ("Code"), has raised the threshold limit triggering the insolvency from rupees one lakh  y hundred times to rupees one crore as the minimum amount of default. It is pertinent to note here that the Central Government has raised the minimum default threshold to its maximum capacity as rupees one crore is the maximum threshold which the Central Government can prescribe under Section 4. This is the big step for the benefit of the MSME sector

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