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Suspension of Enabling Provisions of the Insolvency and Bankruptcy Code, 2016The Ministry of Corporate Affairs, Government of India had proposed a relief package across the industries due to the impact of the COVID-19 pandemic, the consequent lockdowns and their aftermath on economic activities.

One of such measures was to suspend certain provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to protect the small and medium scale industries from a financial breakdown ultimately leading to their liquidation on account of the pandemic.

Accordingly, the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020[1] (“Insolvency Ordinance”) was promulgated on June 05, 2020 and Section 10A was incorporated in the IBC.

Section 10A suspended sections 7, 9 and 10 of the IBC preventing financial creditors, operational creditors, and corporate debtors, respectively, from filing an application for initiation of corporate insolvency resolution process (“CIRP”) for a period of 6 (six) months or such other later date as may be notified.

The retrospective nature of the amendment was challenged in Ramesh Kymal vs. Siemens Gamesa Renewable Power Private Limited, however, the National Company Law Appellate Tribunal upheld the validity of the amendment.

[2]Tatva Legal, Hyderabad has an experienced team of corporate lawyers who, amongst other services, advise on a wide range of issues in relation to general corporate advisory and insolvency and bankruptcy including CIRP proceedings.Read More: https://tlegal.com/blog-details/doors-available-to-creditors-when-insolvency-resolution-process-is-out-of-the-window 

Envizi Business Solutions LLP is the most experienced and fastest growing team of experts in Chennai.

It is registered under the Limited Liability Partnership Act, 2008 in Pune, Maharashtra, India.

Envizi has the best team of professional includes Chartered Accountants, Company Secretaries, Corporate Lawyers and business consultants.

We have the diverse set of team members having lots of knowledge in legal, financial and corporate fields.

Our huge work experience makes us the experts you can always rely on.Envizi offers you a vast range of company registration services in Chennai that you need for establishing and running your business.

We always focus on satisfying our client’s demands and even advise and suggest better options as per our experience.

Business law refers to the set of laws pertaining commercial matters of entities involved in business.

Some of the important topic connected to business laws include contracts, law of corporations, business organization, transactions, intellectual properties, income tax, commercial papers and many others related to business.Why is Business Law important?The principal objective of business law is to ensure maintaining the order, help in resolution of disputes, create the universally accepted standards, safeguard the rights and liberties while running a business and govern a business’s relation with other businesses, customers, vendors and other governmental agencies.Create a set of universal standardsBefore business laws came about, the customers had no way to get their grievances addressed.

In the absence of a law, their interests or money invested in a given business could not be safeguarded.

Earlier there were no laws that would maintain law and order, liabilities and rights in the realm of businesses and hence any business could make its own standards.

The creation of business laws created several standards that have to be followed by businesses around the world.Maintaining equilibriumBusiness laws ensure creating a sense of satisfaction among the customers.

When they are absent, different countries could have their own laws and hence sellers and buyers found it difficult to establish a deal on clear grounds.

A corporate lawyer helps you set up the right infrastructure in your organization.

If you are in the USA, you can hire Franklin I. Ogele for your legal support and advisor for your business.

He can help you in issues like Commercial Litigation, Business Desolation etc.

He may assist you within the incorporation of your company be it LLC, corporation, partnership, or other firm structures.

It’s vital to formulate the proper organization fitting your business.

Also as a company lawyer can assist you grow your business or at the time of hiring, etc.