Suspension of initiation of corporate insolvency resolution process.

¹[10A. Notwithstanding anything contained in section 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th march, 2020 for a period of six months or suh further period, not exceeding one year from such date, as may be notified on this behalf:

Provide that no application shall ever be filed for initiation of corporate insolvency resolution process of a corporate debtor for the said default occurring during the said period.

Explanation- For the removal of doubts, It is hereby clarified that the provisions of this section shall not apply to any default committed under the said sections before 25th March, 2020.]

Note :-

1. Inserted by The Insolvency and Bankruptcy code (Amendment) Ordinance, 2020. [This ordinance is replaced by The insolvency and Bankrupcy code (Second Amendment) Act, 2020 w.e.f  5th June, 2020.}