1[Section 10A: Suspension of initiation of corporate insolvency resolution process
Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed till, for any default arising on or after 25th March 2020 for a period of six months or such further period not exceeding one year from such date, as may be notified in this behalf.
Provided that no application shall ever be filled 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]
Foot Note:
1 Inserted by Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 with effect from 05th June 2020
As per 'NOTIFICATION' dated 24th September2020: S.O. 3265(E). —In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) [as inserted by section 2 of the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020 (17 of 2020)], the Central Government hereby notifies further period of three months from the 25th September 2020 for the purposes of the said section.
As per 'NOTIFICATION' dated 22nd December 2020: S.O. 4638 (E) -In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies further period of three months from the 25th December 2020, for the purposes of the said section.