Vol 17 (2020) - Issue 5

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COVID-19 and India’s Blanket Suspension of IBC: Total is Fatal?

Synopsis
The COVID-19 pandemic has brought the entire world to an unprecedented halt, having not only enormous human cost but also seriously affecting business and the economy. As a part of India's measures to mitigate this upheaval, the Indian President promulgated the Insolvency and Bankruptcy Code Ordinance, 2020 providing for a blanket suspension of insolvency proceedings. This article provides a summary of the ordinance while comprehensively analysing its plausible lacunas. Further, a comparative analysis has been made to conclude that the Indian government ought to have followed the measures taken by other jurisdictions such as the UK, the US and China.