{"id":8589,"date":"2020-05-17T07:12:59","date_gmt":"2020-05-17T07:12:59","guid":{"rendered":"https:\/\/sunkrish.com\/?p=8589"},"modified":"2020-06-14T07:20:19","modified_gmt":"2020-06-14T07:20:19","slug":"relief-for-msmes-insolvency-proceedings-threshold-increased-to-rs-1-crore-from-rs-1-lakh","status":"publish","type":"post","link":"https:\/\/sunkrish.com\/index.php\/2020\/05\/17\/relief-for-msmes-insolvency-proceedings-threshold-increased-to-rs-1-crore-from-rs-1-lakh\/","title":{"rendered":"Relief for MSMEs! Insolvency proceedings threshold increased to Rs 1 crore from Rs 1 lakh"},"content":{"rendered":"<figure id=\"attachment_7851\" class=\"thumbnail wp-caption alignleft\" style=\"width: 300px\"><a href=\"https:\/\/sunkrish.com\/index.php\/2019\/12\/03\/govt-to-set-up-nclt-bench-in-chennai\/bancruptcy-2\/\" rel=\"attachment wp-att-7851\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7851\" src=\"https:\/\/sunkrish.com\/wp-content\/uploads\/Bancruptcy-1-300x134.jpg\" alt=\"IBC\" width=\"300\" height=\"134\" srcset=\"https:\/\/sunkrish.com\/wp-content\/uploads\/Bancruptcy-1-300x134.jpg 300w, https:\/\/sunkrish.com\/wp-content\/uploads\/Bancruptcy-1-150x67.jpg 150w, https:\/\/sunkrish.com\/wp-content\/uploads\/Bancruptcy-1.jpg 336w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption class=\"caption wp-caption-text\"><span style=\"color: #808080;\"><strong>Also coronavirus related debt would be excluded from the definition of &#8220;default&#8221; under the insolvency and bankruptcy code (IBC)<\/strong><\/span><\/figcaption><\/figure>\n<p>Finance Minister Nirmala Sitharaman on Sunday raised the minimum threshold to initiate insolvency proceedings to Rs 1 crore from the earlier Rs 1 lakh.<\/p>\n<p>In addition, with an eye on further enhancement of ease of doing business, the government announced suspension of fresh initiation of insolvency proceedings up to one year.<\/p>\n<p>Also corona virus related debt would be excluded from the definition of \u201cdefault\u201d under the insolvency and bankruptcy code (IBC). \u201cNo fresh insolvency proceeding will be initiated up to 1 year.<\/p>\n<p>At the moment MCA has extended this by 6 months, we intend to extend this by another 6 months. For MSMEs a special insolvency framework will be notified under section 240-A of IBC.<\/p>\n<p>The minimum threshold to initiate insolvency proceedings raised to Rs 1 crore from the earlier Rs 1 lakh, which largely insulates MSMEs,\u201d she added.<\/p>\n<p>The Finance Minister, in her fourth presser on Saturday, had announced structural reforms in sectors such as coal, minerals, civil aviation, power distribution, defence production, space, and atomic energy sector.<\/p>\n<p>The reforms were unveiled as a part of the government\u2019s efforts to make India \u2018Aatmanirbhar\u2018 (self-dependent).<\/p>\n<p>Sitharaman has already announced four phases of relief measures to support agriculture, MSMEs, migrant workers, individuals, coal mining, defence, aviation sector, among others amid the ongoing corona virus-induced lock down.<\/p>\n<p>Source: <a href=\"https:\/\/www.businesstoday.in\/current\/economy-politics\/relief-for-msmes-insolvency-proceedings-threshold-increased-to-rs-1-crore-from-rs-1-lakh\/story\/404069.html\" target=\"_blank\" rel=\"noopener noreferrer\">Business Today<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Nirmala Sitharaman on Sunday raised the minimum threshold to initiate insolvency proceedings to Rs 1 crore from the earlier Rs 1 lakh. In addition, with an eye on further enhancement of ease of doing business, the government announced &hellip; <a href=\"https:\/\/sunkrish.com\/index.php\/2020\/05\/17\/relief-for-msmes-insolvency-proceedings-threshold-increased-to-rs-1-crore-from-rs-1-lakh\/\">Continued<\/a><\/p>\n","protected":false},"author":1,"featured_media":7851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,4,493],"tags":[1023,298,305,962,296,494,641],"class_list":["post-8589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-business-advisory-services","category-financial-corporate-services","category-economy-business-updates-corporate-affairs","tag-covid","tag-ease-of-doing-business","tag-economy","tag-insolvency-and-bankruptcy-code-ibc","tag-ministry-of-corporate-affairs-mca","tag-msmes","tag-nirmala-sitharaman"],"_links":{"self":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/comments?post=8589"}],"version-history":[{"count":4,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8589\/revisions"}],"predecessor-version":[{"id":8593,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/posts\/8589\/revisions\/8593"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media\/7851"}],"wp:attachment":[{"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/media?parent=8589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/categories?post=8589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sunkrish.com\/index.php\/wp-json\/wp\/v2\/tags?post=8589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}