Rajya Sabha passes amendment in Insolvency and Bankruptcy Code

Rajya Sabha has passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 by voice vote. The bill seeks to suspend initiation of fresh insolvency proceedings against companies for at least six months to one year, starting from March 25, amid COVID-19 pandemic. Finance Minister Nirmala Sitharaman said IBC's intention is to keep companies a "going concern", not liquidating them.