Tuesday, October 27, 2020

India extends suspension of bankruptcy filings – Reuters India

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India’s Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) Governor Shaktikanta Das arrive to show up at the RBI’s central board meeting in New Delhi, July eight, 2019. REUTERS/Anushree Fadnavis/Files

NEW DELHI (Reuters) – The Indian government on Thursday explained it experienced prolonged a suspension of bankruptcy filings right up until December, a determination aimed at supporting firms continue to be afloat amid the coronavirus pandemic.

The suspension on bankruptcy proceedings stops banks from initiating insolvency proceedings against any borrower for defaults arising on or right after March twenty five, 2020.

The newest extension is powerful until eventually Dec. twenty five.

Finance Minister Nirmala Sitharaman in a tweet said that the move underlined the government’s dedication to guarding firms.

“It also provides companies respiration time to recover from economical strain,” Sitharaman explained.

India’s financial system shrank by just about a quarter in April-June, considerably more than forecast, and pointing to a complicated restoration in the aftermath of a stringent COVID-19 lockdown.

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