The Insolvency and Bankruptcy Code (IBC) was initially suspended for six months from 25 March, which was later extended by another three months ending 24 December. Union finance minister Nirmala Sitharaman on Monday said the government has now decided to extend the suspension for a full year. Sitharaman said at an interaction with the Bangalore Chamber of Industry and Commerce that the government has extended various deadlines and eased compliance requirements to ensure companies were not stressed during the pandemic. Even suspension of the IBC has been extended up to 31 March 2021, rightly so because every industry has gone through major stress because of the pandemic and nobody could be drawn towards insolvency process, which may have occurred during the pandemic, Sitharaman said.
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