What is the new extended date for the suspension of Insolvency amp Bankruptcy Code IBC given by Mini...........

Current GK ( Master) Banking Awareness

What is the new extended date for the suspension of Insolvency & Bankruptcy Code (IBC) given by Ministry of Corporate Affairs to ease out the difficulties caused due to COVID-19, on December 2020?

February 28, 2021

March 25, 2021

April 30, 2021

March 1, 2021

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Explanation:

Answer-2) March 25, 2021 Explanation: On December 22, 2020 the Ministry of Corporate Affairs extended the suspension of Insolvency & Bankruptcy Code (IBC) by another 3 months to March 25, 2021. The Previous suspension was about to expire on December 25, 2020. The Government of India had suspended IBC to help businesses cope with the financial difficulties created by COVID-19. As part of the 'Atma Nirbhar Bharat' package, the Government of India raised the minimum limit to initiate insolvency proceedings to INR 1 Crore from INR 1 Lakh to protect micro, small & medium enterprises (MSMEs) from bankruptcy.