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