Centre extends suspension of proceedings under IBC by 3 months

Earlier in June, the Union Cabinet cleared the proposal to suspend the insolvency proceedings under IBC for six months

Moneycontrol News

September 24, 2020 / 08:54 PM IST

Representative image

The government on September 24 extended the suspension on new bankruptcy filings under the Insolvency and Bankruptcy Code (IBC) by another three months, effective September 25.

"In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016, the Central Government has extended the suspension of sections 7,9, 10 of the IBC for a further period of three months," the government notification read.

"Extension of suspension of sections 7,9,10 of the IBC reinforces the Government's commitment to protecting businesses. It also gives companies breathing time to recover from financial stress," Finance Minister Nirmala Sitharaman tweeted.

Extension of suspension of sections 7,9,10 of the IBC reinforces the Government's commitment to protecting businesses. It also gives companies breathing time to recover from financial stress.

— NSitharamanOffice (@nsitharamanoffc) September 24, 2020

Earlier in June, the Union cabinet cleared the proposal to suspend insolvency proceedings under the IBC for six months, a decision that was taken to avoid companies from being forced into insolvency for non-performing assets during the COVID-19 period.

COVID-19 Vaccine

Frequently Asked Questions

How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

Show