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Industry seeks reimposition of bankruptcy moratorium
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SME Times News Bureau | 16 Apr, 2021
Assocham has approached the Finance Ministry with a plea to reimpose
moratorium on taking debt-ridden companies to NCLT under the Insolvency
and Bankruptcy Code (IBC) till December 2021 in the face of severe
outbreak of second wave of coronavirus.
"Given the increasing
pressure on businesses, it would be imperative to extend the NCLT
moratorium until December 2021 to ensure that the pandemic does not
wreak havoc on the economy," the Assocham said in its representation to
the Finance Ministry.
After a year-long moratorium on taking the
financially stressed companies to the National Company Law Tribunal
(NCLT) resolution under IBC, the suspension on fresh insolvency cases
was lifted on March 25, 2021.
"The moratorium of NCLT was rightly
lifted earlier in line with the opening of the economy," the ASSOCHAM
said, however, adding the situation has reversed after the outbreak of
the second wave of Covid-19.
In view of the altered situation,
placing the NCLT resolution process under suspension again till December
this year is a "critical interim measure" which needs to be expedited,
until targeted assistance can be granted, after a comprehensive
assessment.
The Secretary General Assocham, Deepak Sood said the
government and the Reserve Bank of India had been quite proactive in
extending regulatory and fiscal support to the industry, particularly in
the MSMEs.
However, the second wave has brought another bout of
uncertainty. Though the country is better prepared with medical
infrastructure and roll out of vaccination, the economy has to be
ring-fenced for the sake of protecting jobs and businesses, the chamber
said.
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