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  • Tue. Nov 5th, 2024

Business get 6-month grace on defaults after lockdown

Business get 6-month grace on defaults after lockdown

NEW DELHI: The Union cabinet on Wednesday advised the promulgation of an Ordinance to change the Insolvency and

Bankruptcy

Code and provide relief for loan defaults after March 25, at first for six months.

Default in payment of

loans

by

business

— other than financial services– up to September-end, which can be extended by another 6 months, will not be counted as default under the Insolvency & Insolvency Code (IBC). This remains in additio

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