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Insolvency and Bankruptcy Code 2016 - Increasing threshold to Rs. 1 crore to initiate insolvency proceedings


The threshold of default under section 4 of the Insolvency and Bankruptcy Code ('IBC') is raised to Rs 10 million (from the existing threshold of Rs 100,000). This will prevent triggering of insolvency proceedings against Medium, Small and Micro Enterprises. Further, it was announced that if the impact of pandemic and current situation prevails beyond April 30, 2020, the provisions of section 7, 9 and 10 of the IBC may be suspended for a period of 6 months. Notification - Increase in threshold
  
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