September 25, 2020
Summary of the notifications issued by MCA on 24/09/2020
1. Extension of Suspended time period for initiation of Corporate Insolvency Resolution application for defaults arising on or after 25/03/2020 to 25/12/2020
The Central Government has notified that fresh application for initiation of Corporate Insolvency Resolution process under Section 10A of IBC, 2016 for defaults arising on or after 25/03/2020 shall be suspended till 25/12/2020 (as against the earlier deadline of 25/09/2020).
2. Applications initiating Corporate Insolvency Process under IBC,2016 can be served to the Corporate Debtor and the Board electronically
The Central Government has amended Rules 4, 6 and 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, to allow Financial Creditors, Operational Creditors and a Corporate Applicant to serve the copy of the application initiating Corporate Insolvency Resolution Process against a Corporate Debtor to the registered office of the Corporate Debtor and the Board via electronic means, also. Currently, the copy of the application shall be served by registered post or speed post only.